Second, how AIG 's "small" derivatives unit located in London managed to obscure its accounts, be governed by lax regulatory oversight, and take inordinate risks that effectively brought down AIG's empire of 100, 000 employees in 130 countries, accelerating the global financial crisis.

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Monte dei Paschi, seeking to staunch an outpouring of allegations surrounding its request for a second state bailout, has admitted the use of derivatives forced it to demand extra help but insisted that it has "no evidence" that bribes were behind the costly acquisition of a local rival that undermined its capital strength.

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Ackman has challenged the strength of MBIA and other bond insurers for more than five years and as recently as November forecast they would be insolvent by the second quarter because of their exposure as guarantors to billions of credit derivatives products packed with subprime mortgage debt.

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