Quote of the Day: Ackman on MBIA
Bill Ackman asks if Fitch Ratings should really have a Triple AAA rating on MBIA:
Does a company deserve your highest Triple A rating whose stock price has declined 90%, has cut its dividend, is scrambling to raise capital, completed a partial financing at 14% interest (now trading at a 20% yield one week later), has incurred losses massively in excess of its promised zero-loss expectations wiping out more than half of book value, with Berkshire Hathaway as a new competitor, having lost access to its only liquidity facility, and having concealed material information from the marketplace? Can this possibly make sense?
Ouch!
Friday, January 25, 2008 | 01:30 PM | Permalink
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Anyone else have Black Friday playing in their head?
http://www.youtube.com/watch?v=q1ZV4Mx7tw8
Posted by: Karen | Jan 25, 2008 1:35:05 PM
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