Ambac Financial Group Files for Chapter 11 Bankruptcy

YAHOO FINANCE ^ | 11/08/10 | CHRISTINE RICHARD

[Wisconsinlady]

Ambac Financial Group Inc., a holding company for the bond insurer being restructured by state regulators in Wisconsin, filed for bankruptcy protection to reschedule payments on more than $1 billion in bonds and other claims.

[stocksthatgoup]

The petition for Chapter 11 protection filed in Manhattan today listed assets of $394.5 million and liabilities of $1.68 billion. The Vanguard Group Inc. was listed as the largest shareholder, with 5.46 percent of the company’s stock.

[stocksthatgoup]

Build America Bonds Issuances Surpass $150 Billion (US Taxpayers Bailing Out States) ....The Obama Administration's FY 2011 Budget proposes to make Build America Bonds permanent with a 28 percent subsidy rate;....... The budget also proposes expanding the eligible uses of Build America Bonds to cover a wider range of municipal borrowing, including original financings for public capital projects, current refundings for public capital projects, short-term working capital, and nonprofit 501(c)(3) organization financings

[Freddd]

Of course, after the election...

[Razzz42]

Taxpayers are already own a car company, an insurance company, all the housing they will ever need, why not add a holding company to the list?

[MeneMeneTekelUpharsin]

Down to .19 in after market. Less tomorrow. Bump for reference.

[paul51]

it's exactly what we need. the holding company can own all the others plus future companies the gov’t wants to buy. the president can nominate people for the board of directors and the congress can vote on them just like the supremes. than, instead of, or maybe in addition to selling US bonds, we can sell shares in the gov’t holding company. people should be allowed to invest in those instead of being constrained to social security. AH. it's all coming together. Let's take it international too

[Razzz42]

And here I thought I was going to get a thirty year US bond not redeemable until maturity as a replacement for my 401k shares. I’m only about 60 years old I’m sure I can get a job for the duration.