Posted on 11/01/2010 6:35:50 AM PDT by NVDave
Ambac Financial Group Inc. warned that its board declined to make an interest payment and said it is negotiating plans for a prepackaged bankruptcy proceeding with senior debtholders.
Shares dropped 48% to 43 cents in recent premarket trading...
(Excerpt) Read more at online.wsj.com ...
About the only way forward for Ambac is if they can either prevail in putting back some mortgages onto the banks or they prevail in their suit against BofA for fraud in mortgage securitization.
Here's a little quiz. A little brain teaser. A little light-hearted, frivolous fun for a Monday morning.
Those two companies, both named "Ambac?" Each one's home page has at least one JPEG image. Here's one image from each:
and...
The question is this: Which picture is taken from the webpage of the "Ambac" that's going toes-up? You have five seconds. Go.
ping for later
The first one.
I know this because I know the second pic looks to me to be a diesel fuel rack, and the people at Ambac Financial wouldn’t know what that is if you dropped it on their heads.
Hopefully the upper “we are the world” montage.
Congratulations! You both score 100% !
Jeez, Ambac stock looks like every other stock around Jan 2009. 44 cents? Amazed that Obozo hasn’t bailed them out yet
Maybe not, but they know how to burn up hundreds of millions of dollars of investor capital. That's ever so much cooler and sexier than that nasty old Diesel engine thingy. Eewww.
The first one. The second one use to be called American Bosch. My late father was an engineer for them many moons ago.
Fraudulent or incompetent bond insurance ?
AMBAC is toast unless they trade campaign cash to 0 and pals for a tax payer funded bailout
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