• 19 Jun 2009 at 2:28 PM

Ambac Spared The Embarrassment Of Wrapping Munis

ambac_logo.jpgWith tax receipts down and unemployment up. the brave souls at Ambac tried to pick now as an opportunistic time to launch Everspan Financial Guarantee Corp,, a bond insurer focused on wrapping municipal and public purpose debt. While Ambac thought feel good fiscal stories like the ones playing out in California would entice investors to fund their well timed venture, the lack of people willing to burn money at this stage has put the project on hold.
Ambac Delays Launch of Muni Unit [WSJ]

8 comments (hidden to protect delicate sensibilities)
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Comments (8)

  1. Posted by HeadlessHorseman | June 19, 2009 at 2:44 PM

    By way of this post dripping with sarcasm, it sucks a little less than most of your work. I’d throw in the towel and end the day on a high note (of sorts).
    This post notwithstanding, if you try to fail and succeed, which have you done?

  2. Posted by guest | June 19, 2009 at 2:47 PM

    Not much else to say except, BLANUS 1.0!

  3. Posted by guest | June 19, 2009 at 2:54 PM

    Not an abortion, so that’s always a good sign. If munis go down, where will trading floors get their cleavage fix??

  4. Posted by NAS Keflavik boi | June 19, 2009 at 3:04 PM

    Financial guaranty insurance is a zombie industry — the best ANY of this dickwad companies can hope for is to just go softly into that good night of runoff, praying that CMBS and muni-bonds don’t completely blow goats in the next few years.
    If they’re lucky, the older employees (the remaining 30% that HAVEN’T gotten axed already, that is) just may be able to squeak by into retirement.
    Anybody under 40 that works for a monoline should just punch themselves in the balls right now.

  5. Posted by guest | June 19, 2009 at 3:35 PM

    Would have been much better without the douchy clipart.

  6. Posted by guest | June 19, 2009 at 4:33 PM

    @4, so Berkshire Hathaway Assurance Corp. is DOA?

  7. Posted by guest | June 19, 2009 at 5:31 PM

    Greg, nice short post. To everyone else constantly praising Bess – do you think she’s going to crawl through your monitor and bang you b/c you said how funny she is? Get off her jock, it’s pathetic.

  8. Posted by NAS Keflavik boi | June 19, 2009 at 11:57 PM

    berkshire is cherry picking reinsurance deals — they are not writing this bullshit – Warren O may be a becky quick diddling pervo but he is not a moron