Sunday, November 18, 2007

A Business I Never Understood-3

"The crisis of confidence in bond insurers that bestow top credit ratings on debt sold by borrowers from the New York Yankees to Citigroup Inc. may cost investors as much as $200 billion",, 15 November.

There are fine posts about the bond insurers by Yves Smith at on 15 and 16 November and Mike Shedlock at, 15 November. I have nothing to add to what Smith and Mish said.

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