The "troubled bond insurer" Ambac (ticker: ABK) took another leg lower in its downwards spiral yesterday after reporting earnings. The last two legs cut the stock by more than 75% which would put ABK at $1.13 if it fell that far this time. How long can it be before these guys (ABK, MBI, RDN, MTG, etc) bite the dust? When they do its going to mean a whole nother round of big write downs at financial institutions. Odds are that the feds will step in and bail them out because they insure "$524 billion of municipal and asset-backed debt." Heavy things are falling down on ABK, heavy things they could not see? This one goes out to btb who insures me he will be posting much more often.Thursday, April 24, 2008
Another Leg Lower for the "Troubled Bond Insurer"
The "troubled bond insurer" Ambac (ticker: ABK) took another leg lower in its downwards spiral yesterday after reporting earnings. The last two legs cut the stock by more than 75% which would put ABK at $1.13 if it fell that far this time. How long can it be before these guys (ABK, MBI, RDN, MTG, etc) bite the dust? When they do its going to mean a whole nother round of big write downs at financial institutions. Odds are that the feds will step in and bail them out because they insure "$524 billion of municipal and asset-backed debt." Heavy things are falling down on ABK, heavy things they could not see? This one goes out to btb who insures me he will be posting much more often.
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