Monday, November 1, 2010

Ambac: More of the same market Bull Cookies

Word this morning that monoline insurer Ambac is going to file a prepackaged chapter 13 bankruptcy. Ambac has been unable to raise much needed capital. Ambac's stock is down 30%. Options trade on this stock, and last week there was heavy put volume, or bets that Ambac would fall.  So as usual there were people who knew something was up.  Will our worthless SEC investigate?? I'm not holding my breath.

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