New York State Insurance Superintendent Eric Dinallo, a protege of Gov. Eliot Spitzer, "has caught his boss's zest for meddling in private markets without much wisdom," The Wall Street Journal writes in an editorial. Dinallo's plan to bail out bond insurers goes beyond his legal authority and could make the credit crisis worse. "By encouraging bond insurers to unilaterally rewrite their contracts, Messrs. Spitzer and Dinallo are only creating more mistrust and uncertainty," the newspaper said.
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