Posted on 11/17/2009 1:31:43 AM PST by TigerLikesRooster
Ambac Faces 99% Chance of Default as Deadline Looms, Swaps Show
Ping!
Another disaster..
LOL It seems there is a lively credit default swap market on a bond insuring agency. This kind of crap used to be unheard of but anything is possible in the den of thieves known as Wall Street
This kind of credit default swap is not a bet on your house burning down or not.....
..... but on your neighbors house burning down or not.
“dead pool” but you got the right idea
Wall Street thugs have used massive naked shorting and CDS to drive various companies out of business..... and make mega-millions doing so. Lehman and Bear Sterns were assaulted thusly and were weak enough to succumb. Ambec is their current victim but is a very sick company anyways
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