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Will it be bailed-out?
doesn't it need to be? (in order for the underlying asset not to see the light of day: mark-to-market)
Nah. It's not TBTF. Instead, it will be shotgun married to AIG, a 'solid fundamentals' business that never, ever needed a bail-out.
End snark here.
LOL, their greatest asset is $7 Billion in losses. And we're not in the Matrix?
When money (as in those FRN's in your wallet) is debt, I suppose that would make sense. Or at least be consistent.
Feds had their chance to save AMBAC when it would have helped the municipalities whose bonds AMBAC insure, not gonna happen now.
America is an incredible country. You can't go bankrupt. Create companies, if they win you win, if they lose you win. What a wonderland.
I remember two years ago everyone was freaking out that if the monolines fail the market will collapse yet the futures barely moved
I don't know why we still care about companies and the real economy. The only thing that matters is the central bank policies and their impact on the USD.
+10 I am sick of the Fed daytrading our economy.
Should've died three years ago. Just goes to show you... the bezzle and bullshit can kick the can further than you could ever imagine.
Dont worry Kids, The ficticious legend called "The middle class Taxpayers" will pay the bill.
+++I hear that they are going to pass a squatters tax. This will only affect occupants of foreclosed homes but does not apply to the Hoovervilles springing up all around every major city. That will be covered under the new tent( TARP II) tax.
Obamavilles full of hopium
You sure they aren't Bushburgs? I don't think sales of tents spiked on inauguration day.
For some reason I see this as a shot across the bow of the financial world. They now see that the threads they are hanging by are becoming frayed. Thinking it might be time to take a lawn chair onto the roof to watch the fireworks.
Interesting...I don't see anything about this on CNBS, so it must not exist.
Wonder what the effect will be on the loss of credit rating on all the bonds they insure will be ? If a bond goes from AAA to caa1, can the banks still hold them in their investment grade portfolio ?
Paging Charlie Gasparino......Come in Charlie....
Here's a Bloomberg interview with Michael Callen (September 28, 2008)...Hear him say (about ratings downgrade)..."Not a solvency issue." @ 5:00
Callen is another crook that should be in prison.
No bailout, no pre-pack. Ambac BK = Christmas gift to their CDS counter-parties. TBTF escape unscathed from ABK's claims concerning MBSs issued by TBTFs. Uncle Sam ain't going to bail out ABK. Everybody happier with a Pre-Pack--except equity and preferred.
Knowing Wall Streets reverse Psychology, I would not be surprised to see a Short Squeeze.
Oh man, I was counting on that 7.5% coupon payment until 2023. Who could have predicted that income stream would go away??
Large amounts of Ambac CDS in Maiden Lane.
Looks like $50B in Ambac
Implications of the bankrupty are not entirely clear...
Oh, but they are:
1 AMBAC goes belly up
2 Insurance is gone on billions, probably trillions in bonds and derivatives
3 Rating agencies must downgrade
4 From 2 and 3 above - Institutions that can't hold junk debt are forced into fire sales
5 Financial apocalypse
How the f*ck this company survives to this day? I thought it was gone two years ago. It is amazing to even see it around today. It probably says all about the system and policy.
Can I post my NOLs as an asset as well? If so, I'm rich!
I believe you can! When you go to the bank asking for loan, just tell them you've got some future tax liabilities, nay, ASSETS which can serve as collateral!
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