Monolines Want Out of Contracts
There is a short blurb by Aline van Duyn in the Financial Times reporting that Ambac, MBIA, and FGIC are in talks with Wall Street banks about voiding their obligations under $125 billion of credit default swaps. According to the article, the strategy may “the only way to limit the financial damage surrounding the bond insurers”.
Isn’t that special. When things are good, they can’t write enough of the stuff and when things go bad they want to pick up their toys and go home. Jeez.