Financial Times FT.com

Markets assess the costs of a monoline meltdown

By Aline Van Duyn and Gillian Tett

Published: February 20 2008 19:50 | Last updated: February 20 2008 19:50

In recent years the residents of Wilkes-Barre, a small city in Pennsylvania, have been nurturing dazzling dreams. For years their local ice rink lay vacant, while the park in which it stood suffered from neglect. Yet Thomas Leighton, the town mayor, had plans to turn the area into “the region’s premier recreational facility”.

Indeed, the local ice hockey team – dubbed the Wilkes-Barre/Scranton Penguins – were plotting to make the newly refurbished Ice-A-Rama their practice facility.

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