Ambac Spared The Embarrassment Of Wrapping Munis

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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 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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