The “good bank-bad bank” restructuring devise has historically been relied upon to remove troubled assets or liabilities from the balance sheets of banks and insurance companies. This allows the institution to focus on ongoing business and bolster capital markets confidence. MBIA Insurance Corp., a troubled financial guaranty issuer, is the latest company to complete such a restructuring. The panel described the structure of, and reasons for, a good bank-bad bank restructuring utilizing MBIA as an example. They also compared MBIA’s restructuring with the CIGNA restructuring of its asbestos and environmental liabilities, and considered the effect of the restructuring on credit default swaps written with MBIA as the reference entity, as well as those written by MBIA itself.