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Ambac Moves Closer To Raising $3 Billion By Karen Richardson wsj.com Bond insurer Ambac Financial Group Inc. inched closer over the weekend to an agreement with a consortium of banks on plans to restructure the company and raise roughly $3 billion of capital, according to people...

Citigroup facing further big write-downs By James Quinn Last Updated: 1:10am GMT 23/02/2008 http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/23/cnciti123.xml Citigroup is facing further financial write-downs after revealing it has an exposure of $4bn (£2.03bn) to the...

"slightly lower" ? lol Looks like a patch and an ugly one at that. Basically just a last ditch effort to avoid month end downgrade armegeddon. Probably good news for muni market though. IF they can get agreement from ALL parties. But at the end of the day will existing shareholders sign...

Bond Insurer Plans a Split to Protect Ratings NYTimes By VIKAS BAJAJ Published: February 23, 2008 Ambac Financial Group, the embattled bond insurance company, plans to split itself in two in a bid to safeguard its top credit ratings and avert losses on securities that it guarantees for...

"A forced splitting up of a bond insurer by a regulator such as the New York State Insurance Department would be an "extreme scenario" that would involve public hearings and litigation and take a long time to complete."...

We're right back to where we were a month ago. Danillo asking the same 8 banks to add capital in some shape or form to monolines to preserve AAA ratings.

FLASHBACK Jan. 17, 2008 SAN FRANCISCO (MarketWatch) -- MBIA Inc.'s troubles may be exacerbated by a crisis at CHANNEL Reinsurance Ltd., a Bermuda-based reinsurer that took on moRE than $8 billion worth of risks from the bond insurer. MBIA said recently that it will take a $3.3 billion...

don't trade on hope.

Closed @ new lows. 31 weeks and counting.... an ugly week.

Odds are good there won't be a deal next week.

for 3 bil you could buy the company 3 times over:D

Ambac rescue may be announced Mon or Tues-source Fri Feb 22, 2008 4:02pm EST NEW YORK, Feb 22 (Reuters) - A rescue for bond insurer Ambac Financial Group Inc (ABK.N: Quote, Profile, Research) may be announced on Monday or Tuesday, a person familiar with the matter said on Friday...

Moody's cuts Channel Re's Aaa rating By Alistair Barr Last update: 3:40 p.m. EST Feb. 22, 2008 SAN FRANCISCO (MarketWatch) -- Moody's Investors Service said on Friday that it has cut the Aaa rating of Channel Reinsurance Ltd., a reinsurer that backs some of MBIA Inc.'s exposures. The...

BOND $TALKING ACKMAN, BUFFETT WANT RISKS' REWARDS By PAUL THARP CLICK TO ENLARGE February 21, 2008 -- Like stealth tigers, billionaires Warren Buffett and Bill Ackman are moving in for the kill of the wounded bond-insurance business - but their ultimate meal could turn mean and messy...

http://www.cnbc.com/id/15840232?video=659529306&play=1 More Write-Downs Ahead? 21 Feb 2008 The Citigroup research of Meredith Whitney, executive director of CIBC World Markets, triggered a staggering global selloff, and now she's warning that banks could face additional write-downs of up...

MBIA Advocates Severing Municipal, Corporate Units (Update1) By Romaine Bostick Feb. 21 (Bloomberg) -- MBIA Inc., the world's largest bond insurer, said financial guarantors should separate their municipal-bond units from other businesses. In one of his first actions as chief...

Meredith Whitney calls bond insurer ultimate losses on CDO's "unknowable". Throwing into doubt the ability of regulators to come to a viable solution for bond insurers and ultimately banks. Whitney also called worst case scenario for banks "50% downside"

I tried the IB News feed for about a week. There is no scrolling feature. Also the news itself was anything but real time. I dropped it.

Ackman makes proposal on bond insurers-CNBC Wed Feb 20, 2008 7:31am EST NEW YORK, Feb 20 (Reuters) - Investor William Ackman has proposed to New York State Insurance Superintendent Eric Dinallo an alternative rescue plan for the troubled bond insurers that was fairly well received, CNBC...

Yes. Its not helping though. It's only getting worse. ABX indices have dropped to new lows over the past month. The AAA stuff is really getting wacked. Down to .64 on the dollar! The way financials are trading, there's another round of writeoff confessions on tap for banks and brokers.