Wilbur Ross Denies Ambac, Goes for Assured
As if MBIA and Ambac Financial needed more salt in their wounds. The vultures are pecking at the bond insurance industry, and while Warren Buffett is hanging a shingle, distressed-sector specialist Wilbur Ross has opted to invest in the most stable of the insurers, Assured Guaranty. The news predictably has shares of that firm — the fifth-largest bond insurer — up by 14% today. Meanwhile, MBIA and Ambac, which Mr. Ross says “by and large need capital simply to preserve their rating status,”
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