▁mon oline ) ▁ins urance ▁company . ▁ ▁In ▁ 2 0 0 7 , ▁before ▁the ▁ 2 0 0 8 ▁financial ▁crisis , ▁F SA ▁was ▁ranked ▁number ▁four ▁among ▁global ▁mon oline ▁credit ▁ins ur ers . ▁ ▁F SA ▁ins ured ▁primarily ▁municipal ▁b onds , ▁asset - back ed ▁se cur ities ▁and ▁mort g age - back ed ▁se cur ities . ▁Before ▁ins uring ▁a ▁municipal ▁bond , ▁mon ol ines ▁request ▁a ▁p ledge ▁of ▁local ▁tax ▁reven ues ▁or ▁reven ues ▁from ▁essential ▁public ▁services ▁such ▁as ▁municipal ▁water ▁charges . ▁F SA ▁was ▁bought ▁on ▁ 4 ▁March ▁ 2 0 0 0 ▁for ▁E UR € 2 . 7 ▁billion ▁by ▁the ▁Franco - Bel g ian ▁bank ▁D ex ia . ▁ ▁The ▁sub prime ▁mort g age ▁crisis ▁On ▁ 4 ▁February ▁ 2 0 0 8 , ▁D ex ia ▁announced ▁that ▁it ▁was ▁invest ing ▁$ 5 0 0 ▁million ▁in ▁F SA ▁to ▁" take ▁advantage " ▁of ▁" in cre asing ▁opportun ities ▁that ▁have ▁recently ▁emer ged " ▁in ▁the ▁field ▁of ▁finan cing ▁of ▁US ▁communities ▁and ▁public ▁infrastr ucture . ▁ ▁On ▁ 2 0 ▁June ▁ 2 0 0 8 , ▁the ▁US ▁h edge ▁fund ▁manager ▁Bill ▁A ck man ▁announced ▁public ly ▁that ▁he ▁bet ▁on ▁an ▁F SA ▁bank rupt cy . ▁Four ▁days ▁later , ▁ 2 4 ▁June ▁ 2 0 0 8 , ▁D ex ia