California Forgoes Insurance On Municipal Bonds
http://globaleconomicanalysis.blogspot.com/2007/11/california-forgoes-insurance-on.html
California, New York City, Tallahassee and other government bodies are re-evaluating the benefits of AAA bond insurance. So much for the idea that Ambac and MBIA will raise rates to dig out of the hole they are in. Given that their "guarantees" are essentially worthless, why should anyone bother with insurance? A number of states decided just that.
MishMike Shedlock / Mish
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