CNBC reports ABK bailout plan in the works
Late news from CNBC that Ambac Financial Group may get a bailout after all. The report says something could be announced Monday or Tuesday, and it helped turn the financial markets around. Now we all get to watch and wait to see what kind of deal, if any, ultimately emerges.
UPDATE: More from the FT ...
"A group of banks is preparing to inject $2bn to $3bn into the troubled bond insurer Ambac, which is racing against time to come up with fresh capital to avoid a sharp cut in its triple-A credit rating that could trigger wider financial market turmoil.
"The money from the banks would be part of a plan to split Ambac’s operations, people involved in the discussions said.
"Ambac is also considering raising fresh equity from shareholders. It is not clear how much capital it will need, or what credit ratings the split businesses would have."
UPDATE: More from the FT ...
"A group of banks is preparing to inject $2bn to $3bn into the troubled bond insurer Ambac, which is racing against time to come up with fresh capital to avoid a sharp cut in its triple-A credit rating that could trigger wider financial market turmoil.
"The money from the banks would be part of a plan to split Ambac’s operations, people involved in the discussions said.
"Ambac is also considering raising fresh equity from shareholders. It is not clear how much capital it will need, or what credit ratings the split businesses would have."
posted by Mike Larson at
3:48 PM
1 Comments:
I'M AN ACTIVE DUTY RESERVIST, MY QUESTIONS IS "How do i get a house when they deny buyers trying to get in on the low low house prices as first time buyers?"
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Unknown, at November 11, 2008 at 7:14 PM
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