OK, so how did this escape media attention - this is a nice F U to you optimist morons! http://www.sec.gov/Archives/edgar/data/874501/000119312509106974/dnt10q.htm BTW, if you have a bit of sense...go check out news.google.com's recent media filings on Ambac - notice the nice crap about reported losses...not in a 10-Q they didn't!!! -gastropod
No, I am REALLY asking - "how did the media ignore this?" For the longest time Ambac, MBIA, and the rest of the "monolines" were the biggest things in the news - now nothing??? Really - how much are the banks relying on Ambac to "insure" there MBS/CDO crap? We saw this week that MBIA was getting sued for breaking up into separate divisions...what the hell about Ambac not reporting? -gastropod
[snip] No, I am REALLY asking - "how did the media ignore this?" No one cares. I hope that answers your question.
Not really I am wondering why nobody cares? It was my understanding that Ambac and MBIA, etc. insured the bonds and CDO on hundreds of billions of dollars. It was my understanding that even so much of a credit rating shift of one of these creatures would cause mutual funds and others to HAVE to dump whatever the monoline backed. Surely not reporting would/will have an impact on the credit rading of this company? I can understand Fannie or Freddie - they are GSEs - assumed backed by the federal gov't, but NOT Ambac! How much of the "stress" test was based upon the monolines actually living up to their commitments...and reporting their info to the SEC? -gastropod
This might illuminate my ignorance on the subject, but imho; The SEC is bought and paid for, and will do what they're told. The "press" is too ignorant to notice, or care.
Media is nir touching on very much "True News". This is a Depression, we are in the very early stages. Insurance Co.s are as Bankrupt as the Financial Insitiutions. Euro-land will be the first to Slide into a Full Blown, with Media labeling a "DEPRESSION". US will follow. This will not be the 1929 situation with bread lines, clothing lines, etc.... In the US there will be pockets of Growth, in certain states. There will be, as all ways, people making tone of money. However, Consumer prices on most goods expect Agi and Energy will fall hard, as will the dollar and Inflation will follow the Carter years. Double digits for Cars, homes. This is going to be interesting....a good time to set yourself up to make a boat load of money however, Stay away from leverage if you can pay it back. http://www.telegraph.co.uk/finance/...t-recession-since-War-as-Germany-suffers.html
Who needs the bond insurers when the government is perfectly willing to have the taxpayer back them up? Just ask AIG how their CDS's are going.
Eliot Hosewater - Couldn't agree more...but, because Ambac "insures" hundreds of billions of dollars worth of of MBS/CDO/bonds - it would probably require a new "program" from the gov't...not necessarily the most popular thing these days Considering that JP Morgan, etc. have complained about the "break-up" of MBIA....what repercussions will/should this have (Ambac should have a decline in their credit rating - no?)? And still no main stream media coverage????? -gastropod