Vegasjoe

Ambac's Announcement is a Joke; Disagreeing with Whitman on Monolines

Whitney is right on; Whitman has lost his marbles, and ought to retire. Buffett is laughing all the way to the bank; and I suppose, so is Wilber Ross, soon, if not now. Banks have little or no capital left to do anything with any risk; Why great value investors would try to resusitate a dead carcus in the desert is beyond me!

Buffett: We Are Not in a Credit Crunch

Warren is immune to a credit crunch! He does appear to want to circle the dead carcuses in the dessert of the bond insurers.

On Financial Guarantors and Reinsurers

MBIA and AMBAC are insolvent and the only thing MBIA execs have in common with Channel RE is that Bermuda is where they will spend time in prison for criminal negligence! ASK the NY state insurance department? 14% surplus notes going to zero!