Saturday, December 29, 2007

Now you have some! Elegant revenge by the Master Buffet…

Bond insurers feel heat as Buffett enters sector

Shares in bond insurers MBIA and Ambac fell sharply on Friday amid concerns that a rival US bond insurer planned by billionaire Warren Buffett will eat into their ability to win new business and further damage efforts to boost their flagging capital bases. Mr Buffett's Berkshire Hathaway group was expected on Friday to receive a licence from the New York state insurance regulator for the new bond insurer. It hoped to start writing business on Friday or on Monday. It will then seek licences in other states.

Posted by lvmreader @ 02:25 PM (643 views)
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One thought on “Now you have some! Elegant revenge by the Master Buffet…

  • Buffet does have an amazing mind. This insurance mess has everyone screaming in panic, but he goes the opposite direction, seeing an opportunity. Just like the dot.com bubble he kept himself out of the structured debt mess because he said the paper had no intrinsic value because they were not traded openly on the market.

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