Friday, November 21, 2008

Chart of the Day

So, Tim, how are you at insurance? (Do we dare to ask Paulson & Co.?)

I mean, you can "TARP" Citi if you need to, but, in the words of MetLife, "Who's gonna pay for this mess?" (and it *must* be attended to, maybe even this weekend):

The Hartford Group and Lincoln Life, 5-days of gruesome giddy-up

Chart of yester-jour was AMBAC, up 86%:

Ambac Assurance Corp, Ambac's main unit, paid $1 billion to get out of four contracts it had written to guarantee collateralized debt obligations, reducing the bond insurer's liabilities. It said the terminations would allow it to reduce reserves set aside for market losses on these guarantees. - Reuters

...but today, the "ratings agencies", where everyday is a new day, slammed 'em:

S&P downgraded the senior debt of Ambac Financial (ABK) to BBB from A. It also cut Ambac Assurance Corp., the bond insurance subsidiary, to A from AA. The outlook is negative.-SmartMoney

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