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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]

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8 Responses to “Ambac Spared The Embarrassment Of Wrapping Munis”

  1. HeadlessHorseman says:

    Greg,
    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. guest says:

    Not much else to say except, BLANUS 1.0!

  3. guest says:

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

  4. NAS Keflavik boi says:

    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. guest says:

    Would have been much better without the douchy clipart.

  6. guest says:

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

  7. guest says:

    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. NAS Keflavik boi says:

    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