Turns out it wasn’t just idle threats and sewing-circle chitchat when bond insurer Ambac said a week ago that it may have to enter bankruptcy. The company today announced it had filed for Chapter 11 protection in the U.S. Bankruptcy Court in the southern district of New York.
Ambac said it was Read More
Municipal bond insurer Ambac Financial, a bellwether of the financial crisis back in 2007, when the whole mess was still just the subprime crisis, said today in a filing with the Securities and Exchange Commission that it has chosen not to make a regularly scheduled interest payment on some of its debt. The Read More
A complete stranglehold over an entire industry just isn’t what it used to be.
After lovable billionaire philanthropist and rapacious capitalist warrior Warren Buffett exited the muni-bond insurance game in 2009, fellow billionaire Wilbur Ross has become the sole major investor in insurance of the $2.8 trillion market for American municipal debt. Holding 16 million Read More