``The shocking and surprising revelation by MBIA – one the leading monoliners, i.e. bond insurers – that it has guaranteed $8.1 billion of collateralized debt obligations repackaging other CDOs and securities linked to subprime mortgages (i.e. it is holding the very risky CDOs of CDOs) – is the last drop in this monoliners’ farce: it is time for the credit rating agencies to downgrade most of these monoliners from their AAA rating status.''

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