Ambrac reports loss of $6.93/share after $3.1B in subprime charges.
Ambac Financial Group Inc., the bond insurer that lost 93 percent of its stock market value in the past year, posted a wider loss than analysts estimated after $3.1 billion in charges for subprime-mortgage securities.
Warren Buffet's Kiss of Death on Minyanville is a most interesting analysis of Buffet's offer to give $800M to the bond issuers. The offer was presented as help and this article says more it's just Buffer smells a fire sale and will bottom feed, grabbing any debt that's actually good.
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