That may be what’s killing Ambac now, but those same piles of pseudo-AAA bonds were formerly the driving force behind Ambac’s high-flying stock price and pseudo-AAA rating. As I said on another thread last week, I’d give more credence to Britney Spears’ opinion on the credit-worthiness of a bond issue, than to one of these scammy ratings from the rating agencies’. Since Britney doesn’t have a clue what a bond is or what creditworthiness is, if you showed her a list of ratings and offered her some drugs for picking one, she’d just take a wild guess and at least have a chance of getting it right. The rating agencies know exactly what they’re doing and give the wrong answers on purpose.
Okay, stupid question from a financially challenged former scientist who is now a photographer (vanity of vanities, all is vanity).....where did all the money go? You guys seem to be up on the shell game here. Was there really no money - we were all just playing with pretend money....or did someone all of a sudden just put a bunch of cash in their vault and are waiting to buy a few NFL franchises.....why doesn’t the money just recycle and trickle down again....(I AM fully clothed in asbestos, so go ahead and make my day) My question is where is all the cash? In foreign countries? Why are they in financial trouble also.....thanks & Best regards,