MBIA Inc.'s former top executive is being investigated by federal prosecutors in connection with reinsurance agreements that caused the world's biggest bond insurer to restate seven years of earnings, according to published reports.

The U.S. Attorney in Manhattan is probing whether David H. Elliott approved secret deals to cover losses that were supposed to be paid by another insurer. Elliott became MBIA's chief executive in 1992, and chairman in 1994, and retired from both positions in 1999.

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