Just when you thought it couldn't get worse at MBIA, it gets worse. After losing half its market cap in the past few months, MBIA looked to many like a good buy. There are a lot fewer members of that club of "many" today. Shares are down nearly 9% right now, apparently on word of a negative report from Moody's.
Moody is saying: "with regard to MBIA, additional analysis of its direct RMBS portfolio leads Moody's to believe the guarantor is at greater risk of exhibiting a capital shortfall than previously communicated; we now consider this somewhat likely."
Posted by , Dec 05, 2007 1:29PM
ah Moody's, they're so reliable
Posted by , Dec 05, 2007 1:40PM
rating agencies kinda actually DECIDE whether or not these companies need to hold more capital, so in these cases, yes they are reliable
Posted by bill ackman , Dec 05, 2007 1:41PM
With regard to MBIA, additional enjoyment of Mike's Hard Lemonade leads my ass to believe the guarantor is at the same ridiculous risk of exhibiting a capital shortfall that I previously communicated in my 66-page report entitled, "Is MBIA Triple-A?" We maintain our price target of Fucked.
Posted by HAM'05 , Dec 05, 2007 1:49PM
bout the only thing these effers will be wrapping now is my dillz in a box
also, ran into crabhands in the elevator today - you will be genuinely disaspointed, as i was, to hear that he actually does have people fingers and opposable thumbs
Posted by , Dec 05, 2007 2:05PM
sux
Posted by , Dec 05, 2007 2:12PM
i like the analogy of their biz model. "its like picking up pennies in front of a steam roller."
Posted by , Dec 05, 2007 2:42PM
i guess moodys finally got a subscription to grants ir observer
Posted by , Dec 05, 2007 2:42PM
never heard that before huh?
Posted by just me , Dec 05, 2007 3:22PM
who cares about mortgages or iran?? I wanna see naked pics of maria
Posted by Superfly , Dec 05, 2007 6:42PM
Do you mean to tell me that insuring loans made to people who have no money, and no desire to repay the loan, is an unprofitable business plan?
Who would have guessed?