crashof2008

MBIA and Ambac: Edge of the Cliff, Ratings-Wise

By MBI's own admission in their last quarterly filing, new business was down 43%.

California, New York, New Jersey, New York City and now Florida have all decided not to use monoline insurance anymore. That trend is growing rapidly. Those are huge clients.

Soon all 50 states will simply issue bonds on their own full faith and credit just like the US government does.

It's far cheaper that way.

Monolines will default long before states do.

Why does MBI refuse to give an open accounting of what's actually going on in their offshore subsidiaries? What are they trying to hide?