With 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...

A few months ago, we beat up a couple of Portfolio writers on the subject of municipal bond insurance until it got so easy we started to feel bad for them. Their contention was that bond insurance was a scam...