The monoline restriction also prevented other types of insurance companies from offering financial guaranty insurance. This allows the California Insurance Guarantee Association, a state guaranty association, to cover claims. Both companies engaged in financial guaranty insurance and reinsurance. Some have criticized the whole business model of financial guaranty insurance. See Pension Benefit Guaranty Corporation for details. Guarantee is sometimes spelt "guarantie" or "guaranty". In 2012, Richards won over $40 million in commercial guaranty and borrower enforcement judgments. He also held a position at Morgan Guaranty Trust Co. In 1981 Shaheen founded the Hong Kong Deposit and Guaranty Bank. It is provided by an entity called the state guaranty association. Assured Guaranty Re Ltd. ("AG Re"). Funded by Guaranty Trust Bank, it launched on 3 October 2009. Once again CTR was to be funded, and rescued, by Guaranty Trust. The Guaranty Construction Company was contracted to build it. In July of that year, McDougal resigned from Madison Guaranty.