Ambac Bond Default
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Ambac Bond Default
Anyone besides me find it fascinating that the market is ignoring the Ambac bond default announcement? This could have significant ramifications in the financial derivatives and fixed income structured finance markets. Problems with Ambac and MBIA helped precipitate the first leg of the U.S. financial nuclear meltdown back in 2008. Ambac/AIG/MBIA et al were quickly “papered over” by the Fed and the U.S. Taxpayer. It was merely kicking the can down the road. The can in the road is now back in sight and it’s named “Ambac.”
This morning Ambac announced that it would not make the interest payment on some of its bonds today. It also announced that if it can not agree to a pre-pack restructuring, that it will file Chapter 11. Here’s the press release: LINK
Continue reading the article . . .
Catherine Austin Fitts’ Blog Commentaries
Ambac Sues Countrywide, Alleging False Information On MBS
(27 Oct 10)
Ambac Sues BofA For Fraudulent Inducement Over Countrywide Bonds
(1 Oct 10)
