Friday, Feb 15, 2008
Monoline breakup plan was not Buffett's idea
FT Alphaville: When Dinallo met Buffett: the monoline breakup plan
NY Insurance superintendent Eric Dinallo elucidates: "We have been actively discussing all of the options with the bond insurers..It was to ensure a safety net for the municipal bonds that over the Martin Luther King Day weekend in January we asked Berkshire Hathaway to price the entire municipal bond portfolio of the three largest bond insurers. Earlier this month, Berkshire sent its proposal to the three companies. I believe that there may be other investors who would be interested in investing in the municipal side of the business."
Posted by happyrenterz @ 01:03 PM (271 views) Add Comment
3 Comments
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1. happyrenterz said...
FT:Spitzer hands monolines a five day deadline. This should be an important deadline. The FT also reports on structured products were being unwound in CDS markets. Credit markets in for a roller-coaster ride in the next few weeks.
2. happyrenterz said...
This is basically a case of government officials finally turning against their Wall Street friends because massive muni downgrades (following monoline downgrades) would push up the cost of borrowing and possibly cripple US public sector.
3. happyrenterz said...
I see FGIC monoline has asked to be split Bloomberg report