Kurtis

The Municipal Bond Dilemma

MBIA and Ambac had quite the scam going while it lasted. Moody's and the other rating companies would underrate municipal bonds and then Ambac and MBIA would swoop in and offer their Aaa ratings in exchange for some $$. Isn't teamwork wonderful! Well now congress pressured Moody's to give Municipal bonds the Aaa rating without Ambac or MBIA. There goes their business. Another Wall Street scam bites the dust. Along with it the fortunes of Ambac and MBIA. They're left with no business and a mountain of debt. I can't wait until their stocks slide into oblivion where they belong.