New York is Trying to Aid Ambac and MBIA by Arranging a Bail-Out

'.., we have seen attempted bail-outs before with the M-LEC or the SIV bail-out plan started by Citigroup, J P Morgan, and B of A. After four months of wrangling the project was dropped in December. We will see how this one succeeds. However, if the insurance companies for CDS contracts cannot step up when required this could be the torpedo that sinks the financial system. '