MBIA Waits for Good News to Announce Bad [View article]
One thing you can count on is the monolines will have their munibond portfolios stripped out and transferred to solvent hands. Bankruptcy will then relieve them of their CDO obligations with the lossses being spread out to the CDO holders. Like portfolio insurance of the '80s where stock owners thought they could outsmart the futures players this form of insurance is an illusion.
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One thing you can count on is the monolines will have their munibond portfolios stripped out and transferred to solvent hands. Bankruptcy will then relieve them of their CDO obligations with the lossses being spread out to the CDO holders. Like portfolio insurance of the '80s where stock owners thought they could outsmart the futures players this form of insurance is an illusion.
Feb 07 21:35 pm
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