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Proof that MBIA is Dead Meat

Recs

7

February 13, 2008 – Comments (3) | RELATED TICKERS: MBI , ABKFQ.DL

Now, it's complaining about those pesky short sellers. Plans to ask lawmakers to do something about it.

Yup, the guys who helped construct the elaborate credit Ponzi scheme that's now crippling certain parts of our economy, they're whining to lawmakers that they're too important to fail, and as such, short sellers (who have been right, in spades) about their lousy businesses, shouldn't be allowed to testify before congress.

Oh, and better yet, lawmakers need to bail 'em out, they say.

Lawmakers must support capital raising efforts of the bond insurers, because failure could have "far-reaching effects on the U.S. and global economies," MBIA wrote.

Punks.

3 Comments – Post Your Own

#1) On February 13, 2008 at 11:37 PM, dwot (67.78) wrote:

I saw that...

$2.4 trillion dollars of just try and collect insurance.

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#2) On February 13, 2008 at 11:53 PM, Tastylunch (29.26) wrote:

Funny, when I ask the city to bail me out when we have slow sales which has far-reaching effects on my personal economy and love life, they don't usually respond. Perhaps I should insure bonds instead.... :-)

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#3) On February 14, 2008 at 2:21 AM, PDTBiotech (94.17) wrote:

More evidence: August '08 option series with the most open interest is the 5 puts, with over 21k contracts open vs. <7k for the 30 calls, which have the highest call open interest.  B/A/L for the 5 puts is 1.00/1.25/1.05 right now, while the 30 calls are at 0.15/0.40/0.35, for the record.  Will be interesting to watch, given that MBI raised $1.1B today from a secondary offering priced at $12.15/share.  Sounds like “the unscrupulous and dangerous market manipulation of long-buyers.”

Analyst EPS estimates for 2009:

90 days ago: 5.77

60 days ago: 7.28

30 days ago: 5.01

7 days ago: 1.02

Current: -0.02

 

 

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