I’m sure there is someone less deserving of Treasury assistance than the likes of MBIA. There are, after all, still some felons out there that could use a couple extra million. Still, since everyone else is slurping at the bailout well, might as well throw in insurers. Right?
MBIA, the largest U.S. bond insurer, and its No. 2 rival, Ambac Financial Group, met with regulators earlier this week to push for a way to tap into the federal government’s bailout plan.
New York Insurance Superintendent Eric Dinallo, the main regulator for MBIA, and Wisconsin insurance commissioner Sean Dilweg, Ambac’s primary regulator, convened in New York to discuss the matter with the firms.
Both companies have seen business grind to a near halt after large losses on mortgage debt guarantees, and subsequent rating cuts.
Watch out MBIA shorts.
U.S. Treasury mulls insurer aid program-sources [Reuters]
1ST, PRGY, rulz!!
NOT
bess, anything about GS??
Hey @ 2 I do rule, so STFU! And @ 3, why ask Bess about GS? Afraid to call them yourself, dickweed?
A question to other readers: How much worse could things be if there had been no bailout, starting with FOP (Friends of Paulson)?
Bess, why not ask this under a separate heading?
I expect that we will get one of those late Sunday night announcements this weekend. Been a few weeks since the last one.
US Department of Insurance.
I think anyone who has ever taken financial risk and lost should be paid back by the government. This includes, (but is not limited to): investment banks, insurers, pension funds, university endowments, hedge funds, automakers, Citec Pacific, movie producers, casino gamblers, state lottery players, state lotteries (when they’ve been FORCED to pay out), back-alley three card monty players, carnival game players (i want my oversized mario doll), back-alley three card monty game organizers (for when they lose to the shills), individual investors, airlines (oil hedging apparently can be tricky), Deal or No Deal contestants, McDonalds (for when they lose that monopoly game), cockfight gamblers, homebuilders, farmers, drug dealers, ethanol plant manufacturers, 401k holders, Tim Sykes, and Zales Jewelry.
One of the best comments written on this blog was 2 weeks ago. A dude said that he had withdrawn all his money from BAC and bot 1000 kilos of coke because that will be the only industry that will NOT be nationalized by the government.
If they bail out MBIA and ABK, I think they should pay back poor Sam Israel for that money he is going to be paying back. And what about Raffaello Follieri? Who is looking out for him?
I mean, just because you cheated and hoodwinked investors, doesn’t mean you don’t have needs.
no man its gunna be legal the government will want to tax the shit outta drgs so they can recap after they lose trillions in this bailout. and the best way is to tax coke to make money off depressed IBers
you have buffett out there with his new bond insurance co without any “real” competition. as a result, the cost to “insure” muni paper is rising (has risen) precipitously. even ackman thinks the muni insurance business is viable long term. this basically puts two more players back in the game (hopefully bringing pricing back in line) to allow the local gov’t to raise dollars at a lower cost…but I’m sure the unwashed masses will view it as yet another attempt to “bailout” wall street. think about it, this should ostensibly keep local taxes lower (not saying it will)…
@9. To echo 11′s pt, you sure the k0 industry isn’t nationalized? Our fearless commander-in-chief was alleged to have partaked. Rumors he still does…would explain a lot.
@9. To echo 11′s pt, you sure the k0 industry isn’t nationalized? Our fearless commander-in-chief was alleged to have partaked. Rumors he still does…would explain a lot.
@12: it would have to be cheaper to start one from scratch than to bail out these jokers.
Spring on Wall Street
http://www.marketwarnings.com/2008/10/spring-on-right-side-of-wall-street.html
#16
Thank god you’ve shown me how to fund my retirement!!! dipshit
@8 you had to go there with the Zales…
You spin a dradle and cut it with the antisematism…
-Bateman
ah, I had almost forgotten about the monolines.
MBIA can burn in hell, scumbag company run by diseased cunts like Silva.
Fuck that, shoring up the monolines will do far more than the bullshit getting pulled so far by Beard & Co. For one, my Ambac long position will start to feel lubbed up again. That’s wut I call financial relief.
Ackman still short MBI
http://www.weeklyta.blogspot.com
S
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