They might get downgraded "Upon a downgrade below the current rating level, Ambac estimates that the GIC asset portfolio is insufficient to cover the projected cumulative collateral requirement and terminations." " -- Upon a downgrade to A/A2 or A-/A3, we estimate that the collateral posting and cash requirement shortfall would increase to $1.9 billion." " -- Ambac will suspend its previously announced authorization to repurchase up to $50 million in common shares. No shares have been purchased to date. This supports the Company's goal of maintaining sufficient parent company liquidity." " -- The $850 million capital contribution to Connie Lee has been postponed pending completion of Moody's review. This capital will further strength our capital adequacy ratios at AAC." http://ir.ambac.com/phoenix.zhtml?c=80774&p=irol-newsArticle&ID=1199066&highlight=
update, ok now the plunged AH as well. we will see if their regulator will alow cash to be transfered and bail out the GIC business
Geez lucky thing those nasty short sellers couldn't get their hands on this thing. I mean it may have gone down violently if the big bad shorts were permitted to do their evil work. Oh wait...................... the fucking thing is going to ZERO anyways!!! Good job Paulson and Christopher Cox(sucker), you morons. Apparently if something belongs at zero, thats were it will go. I guess it's just a matter of how quickly. Now hopefully you can send checks to all the poor sons of bitches that have been buying into your bullshit about how naked short sellers have been responsible for all of America's stock market woes. Because thos poor bastards , and I mean that literally, got fucked buying this peice of shit after it was brought back from the dead over the last little while. All the time believing of course that Uncle Sam's minions would be there to protect them from any nasty down moves in their stock. Nice fucking work boys, you sure saved a lot of American investors some pain on this one. I guess enough people didn't get their asses handed to them the first time down!
I got out too soon at $7 didn't sell at the top at $10 hehehe what a scary stock. The next trade is short rating agencies MCO and MHP next week. Lots of angry ABK and MBI shareholders it seems.
I made this point in a post yesterday. ABK went down 40%+ during regular hours and then anohter 40% AF. They will goto ZERO this week and declare bankruptcy. How many credit default swaps did these morons have? Gov. going to absorb ABK and MBI as they declare insolvency? AT least 10 trillion and counting, since FNM and FRE in my opinion and that is a minimum. 47 TRILLION in credit default swaps roaming around out there. Watch the dollar collaspe into the abyss. When treasuries start to default, it's all over. The house of cards is going to fall.
"Who cares what happens anymore? They are going to get bailed out." No offense to you, however this is the most disreguard for the truth statement I have read yet. It is the very fact that these bailouts are occurring that is leading to a total economic collaspe. This is causing the biggest mass dilution of the US dollar in recorded history. Many will fall, few will survive. As the defaults pile up and the printing presses go overdrive 24/7 treasuries will face default, when that happens the entire house collaspes in. I am glad the IB's are all going to get taken out. They deserve it for stealing blind the American(and World) people. The good news is after the fallout, we will hopefully emerge with a regulated yet FREE market and strict guidelines on credit issuance. Getting rid of the FED and placing money on a Gold Standard would be a good idea as well. One thing is for certain "financial engineering" lead to this collaspe and collaspe this economy will. Hold onto your hat, the storm is on the horizen.