On AOL, a couple of them have complained about liberals and the media "talking us into a recession." Yeah, I guess Citigroup announced a 4th quarter loss of almost $10 billion and wrote down a further $18.1 billion because of liberals.
Moody's, S&P Reviewing Bond Insurers as Losses Mount (Update2)
By Christine Richard and Nancy Moran
Jan. 17 (Bloomberg) -- Moody's Investors Service and Standard & Poor's increased their scrutiny of bond insurers after losses on subprime-mortgage securities prompted Ambac Financial Group Inc. to report writedowns of $3.5 billion.
Ambac may lose its AAA credit rating after reporting larger losses than the company previously indicated, Moody's said in a statement yesterday. S&P is examining all bond insurers after increasing its predictions for losses on subprime mortgages.
Moody's and S&P are starting new reviews one month after affirming ratings on New York-based Ambac and MBIA Inc., the two largest bond insurers. Both companies slashed dividends and announced plans to raise $1 billion to shore up capital and retain their top rankings.
``No one knows when the end may be in sight, including the raters,'' said Richard Larkin, a municipal bond analyst at JB Hanauer & Co. in Parsippany, New Jersey. ``The rating agencies have lost as much credibility as the bond insurers. Every time you turn around they're changing their minds about what's going to happen in the subprime-mortgage market.''
Losing the AAA stamp would cripple the bond insurers' business and throw doubt on the ratings of $2.4 trillion of debt the industry guarantees, causing as much as $200 billion in losses, according to data compiled by Bloomberg.
Thursday, January 17, 2008
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3 comments:
Here's the deal. Citi got into trouble trying to push loans to people who couldn't afford them. Under, of course, the flag of "Equal Opportunity. That's Clinton Policy being implemented, and it's direct result.
And isn't it interesting that what pushed Citi and CEO Robert Ruben (Yes, Clinton's TReasury Sect'y) over the edge into making this announcement the other day, was being turned down by the Communist Chinese?
Clintonites get into trouble they run to the ChiComms. Whoda thunkit?
the previous comment's complete loss of reality scares me more thanthe bond losses.
ANON #1 -
Citi got in trouble because it got greedy and as a consequence of that, got stupid.
Blaming Clinton for this is another sign of CDS.
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