Bond insurers have somehow managed to transform a breathtakingly dull corner of the financio-sphere into an action-packed, thrill-a-minute spectacle filled with dire peril, a torrent of rating-agency press releases, and eager entreaties from big-name billionaires.
BusinessWeek captures what I have said previously. I hope those sitting on the sidelines are enjoying the show. A day doesn't go by without some potentially market-moving news emerging from one of the monolines. After the market closed, Ambac indicated that it is lowering the quarterly dividend to $0.01. It also indicated that it will not write structured finance insurance for 6 months. Supposedly this frees up $600 million. They are also discontinuing some areas that aren't expected to perform well. Tags: Ambac (ABK)