2008-02-12 — blogspot.com
'Ambac's and MBIA's guarantees are worthless. The reason one monoline quickly turned down Buffett's "gracious" offer is because they know it would be the end of the line for them. So instead they cling to a miracle that will never happen.
Buffett will cherry pick the good debt and leave Ambac and MBIA with the garbage, it's as simple as that. '
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