Disingenuous
Disinformation of the year: "There's an element of illiquidity and market distress in the prices. They do not translate into an expectation for claims."
Sniff, sniff... Ambac Financial Group, the world's 2nd largest bond insurer, CFO Sean Leonard said the company doesn't expect to have to make payments on CDOs.
SAY WHAT!!! Ambac reported its first quarterly loss after reducing the value of subprime mortgage linked securities by $743 million.
Some critics of the bond insurers have said top rated CDOs made up of lower-rated securities could become worthless if mortgage defaults escalate. WHICH THEY WILL!
William Ackman, president of Pershing Square Capital Management, said in May:
"investors may be underestimating the risk that Ambac and MBIA had from rising delinquencies.
When losses hit, the guarantees will have no value and counterparties are left holding the bag."
The $7.4 Billion dollar fallout or "Pots calling kettles black"...
S & P's Ratings Services lowered its ratings on Merrill Lynch to 'A+/A-1' from 'AA-/A-1+'.
Moody's Investors Service downgraded the long term ratings of Merrill Lynch to A1 from Aa3 and assigned a negative outlook to the new ratings.
Moody's stated, "The jump in the write-down suggests that management did not fully understand their exposures."
SAY WHAT? Did not fully understand? This pack of disingenuous, Gordon Gecko like, financial jackals, understands all too well...
thats why the Fed, Treasury and financial houses are playing musical chairs to get these hung loans off the books and deep sixed.
These snake oil salesmen should all be lined up against a wall, and you know what. Meanwhile, Deutsche Bank cut its price target on Merrill Lynch to $80 from $107.
Sniff, sniff... Ambac Financial Group, the world's 2nd largest bond insurer, CFO Sean Leonard said the company doesn't expect to have to make payments on CDOs.
SAY WHAT!!! Ambac reported its first quarterly loss after reducing the value of subprime mortgage linked securities by $743 million.
Some critics of the bond insurers have said top rated CDOs made up of lower-rated securities could become worthless if mortgage defaults escalate. WHICH THEY WILL!
William Ackman, president of Pershing Square Capital Management, said in May:
"investors may be underestimating the risk that Ambac and MBIA had from rising delinquencies.
When losses hit, the guarantees will have no value and counterparties are left holding the bag."
The $7.4 Billion dollar fallout or "Pots calling kettles black"...
S & P's Ratings Services lowered its ratings on Merrill Lynch to 'A+/A-1' from 'AA-/A-1+'.
Moody's Investors Service downgraded the long term ratings of Merrill Lynch to A1 from Aa3 and assigned a negative outlook to the new ratings.
Moody's stated, "The jump in the write-down suggests that management did not fully understand their exposures."
SAY WHAT? Did not fully understand? This pack of disingenuous, Gordon Gecko like, financial jackals, understands all too well...
thats why the Fed, Treasury and financial houses are playing musical chairs to get these hung loans off the books and deep sixed.
These snake oil salesmen should all be lined up against a wall, and you know what. Meanwhile, Deutsche Bank cut its price target on Merrill Lynch to $80 from $107.
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