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Counterintuitive Accounting: Ambac Edition

Thu, 05 Nov 2009 15:14:19 GMT

Earlier today, Ambac Financial Group (a big bond insurer) reported that it earned more than $2 billion in the third quarter, or $7.58 per share. As reported over at Marketwatch, these must be among the lowest quality earnings in accounting history:[More...]

Where The New PPT Hides

Tue, 01 Sep 2009 15:07:41 GMT

There are five zombie banks that control between 20%-40% of NYSE daily volume. It started earlier this year with Citigroup and Bank of America. They equaled 10% of NYSE total daily volume. Now the trend in High Frequency Trading (HFT) is on the rise. This begs several questions. If this is a healthy bull market, why are just five stocks running the exchange? Is it possible the bailout money is being funneled into just a few stocks?[More...]

Weekly Credit Summary: August 28

Fri, 28 Aug 2009 21:57:29 GMT

Credit underperformed equities this week as single-name tighteners edged wideners by four-to-three leaving indices (especially HY) underperforming intrinsics in general. CONSumer and ENRG names underperformed as TMT and FINLs were best with INDUstrials mixed. Financials outperformed non-financials but the strength in the former was more at the tails of the distribution while the weakness in the latter was more broad-based.[More...]

Morning Shocker: So Ambac (NYSE: ABK) Really Wasn't AAA?

Wed, 29 Jul 2009 17:30:00 GMT

A: Remember the days in early 2008 when Charlie Gasparino was on the air every day with the 'bond insurer' saga of whether they would get downgraded from their AAA rating! The insurers adamantly backed their AAA standing and the credit rating agencies were hesitant to downgrade them even though we all knew their portfolios were garbage and the claims made on them would be tremendous. MBIA Chief told us that insolvency risks were 'without merit'; MBIA trades at $4 today. UrbanDigs first discussed the bond insurers in 2007, why it was important if they were downgraded from AAA bullshit rating at that time, the saga that ensued in early 2008 and finally the [More...]

Budget Cuts On The Way In California

Thu, 21 May 2009 16:59:51 GMT

The Sacramento Bee reports that Gubernator Arnold Schwarzenegger vowed to "go all out" to slash spending after voters rejected lawmakers' proposed solutions to close a portion of the gaping budget deficit two days ago. Wednesday marked a flurry of Capitol activity after election results expanded the state's projected fiscal gap by $6 billion – from an estimated $15.4 billion to $21.3 billion. A joint budget committee announced that it will begin a marathon series of meetings today. ... Schwarzenegger promised to make severe reductions in education, health care and law enforcement. "Every department, every agency, every board needs to essentially be on the table for consolidation, downsizing and, in some cases, elimination," said Assemblyman Sam[More...]

Financials - Industry Outlook

Thu, 26 Mar 2009 20:23:00 GMT

Highlighted stocks include Huntington Bancshares Inc. (HBAN), MGIC Investment Corporation (MTG) and MBIA Inc. (MBI). While we remain negative over all, we would note our outlook has begun to improve a bit around the edges given the comparatively limited downside potential remaining for certain entities. The financial markets and financial stocks in particular have experienced a significant percentage-point lift following the pending modification to the mark-to-market accounting rules (an artificial adjustment to capital) and the announcement for the Public Private Investment Partnership (PPIP) -- though we would point out that there is nothing of[More...]

AIG Bailout Empowers Class Action Lawsuit Against MBIA

Thu, 12 Mar 2009 21:11:00 GMT

Dow Jones Newswires is reporting that Aurelius Capital Master Ltd., Aurelius Capital Partners and funds owned by Fir Tree Partners have a class action lawsuit to prevent the splitting of MBIA (MBI) into separate subsidiaries insuring government and structured product debt. The MBIA plan, endorsed by New York State's Insurance Superintendent Eric Dinallo, would capitalize the new government insurer with $5.4B in cash and transfer all existing MBIA municipal policies. At the same time Reuters is reporting that 15 financial institutions are meeting with Dinallo today to complain that split would adversely affect CDS they wrote on securities wrapped by MBIA.[More...]

Presidents Obama and Bush – Different Objectives, Same Results

Mon, 09 Mar 2009 02:23:00 GMT

(clickbroker.blogspot.com) President Bush thought common shareholders in financial institutions should be massacred to preserve Darwinistic capitalism. President Obama thinks the evil ones should suffer for their crimes against the people. Both Presidents wanted to preserve the sanctity of debt holders, for they are a tool to expand credit and reflate the economy. The only difference appears to be that Obama is being more forceful in expanding mortgage modifications and refinancing; something Bush only paid lip service to. Both are pretending that they can hold down mortgage rates for a protracted period of[More...]

Wall Street Ends Volatile Day Lower On Weak Housing Data, Lincoln National Tumbles

Wed, 25 Feb 2009 22:20:52 GMT

US stocks retreated on Wednesday as investors were rattled by worse than expected existing home sales data.[More...]

Ambac Financial Focuses On Municipal Bond Issuer After Narrowing Q4 Losses

Wed, 25 Feb 2009 16:44:00 GMT

Ambac Financial Group, Inc. (NYSE: ABK) is preparing to launch a new municipal bond issuer in the second quarter, following the lead of its rival MBIA Inc. (NYSE: MBI) that started its own new municipal-only financial guarantor last week.[More...]

S&P: Rating Actions Taken on Five Kuwaiti Banks Following S&P Review

Sun, 19 Jul 2009 19:49:00 GMT

Jul. 19--Following its review of Kuwaiti banks, Standard & Poor's Ratings Services said yesterday that it has lowered its long-term counterparty credit rating on Gulf Bank to 'BBB+' from 'A-' and affirmed the 'A-2' short-term rating.
The downgrade on Gulf Bank reflects our view that its stand-alone credit profile has deteriorated following large losses in 2008 and material asset quality deterioration.
Furthermore, Gulf Bank's combined exposure to Kuwait's real estate and construction sectors, domestic investment companies, and a couple of troubled regional corporate clients will likely pressure the bank's asset quality, profitability, and capitalization.

: iStockAnalyst.com Symbols Feed

Counterintuitive Accounting: Ambac Edition

Where The New PPT Hides

Weekly Credit Summary: August 28

Morning Shocker: So Ambac (NYSE: ABK) Really Wasn't AAA?

Budget Cuts On The Way In California

Financials - Industry Outlook

AIG Bailout Empowers Class Action Lawsuit Against MBIA

Presidents Obama and Bush – Different Objectives, Same Results

Wall Street Ends Volatile Day Lower On Weak Housing Data, Lincoln National Tumbles

Ambac Financial Focuses On Municipal Bond Issuer After Narrowing Q4 Losses

S&P: Rating Actions Taken on Five Kuwaiti Banks Following S&P Review

Pike May Face $268m Bill

Pike May Face $268m Bill: Tolls Could Rise As Bonds Downgraded to ?Junk'

Banks Must Take Precautionary Measures in Financal Crisis

AME Info, Abu Dhabi, United Arab Emirates, Banking Briefs - Jan 26 2009 10:59AM

ABK -- First Kuwaiti Bank to Open in Abu Dhabi

Judge Gives Reprieve to Hoosier Energy

Movers: Google, IBM, Schlumberger, Ambac, AIG, Honeywell

S&P Picks and Pans: Google, IBM, Ambac, Schlumberger, AMD, Satyam

Global Launches 1st Education Financing Program in Kuwait and GCC

PicksThatMove.com Announces Investment Opinion on Ambac Financial Group Inc., Xerox Corporation, Kinross Gold Corporation, American Lithium Minerals Inc. and NovaGold Resources

BenchmarkJournal.Com Free Analyst Review for ABK, EQR, KMB, BBD, FIG and MRK

Ambac Financial Group, Inc. Announces Second Quarter Net Loss of $2,396.6 Million

Ambac Reschedules Second Quarter Earnings Release for August 7, 2009

Ambac Announces Second Quarter Estimate of Credit Derivative Impairment and Loss and Loss Expenses

Ambac Postpones Its Efforts to Launch Everspan

Ambac Financial Group, Inc. Announces First Quarter Net Loss of $392.2 Million

Ambac Financial Group, Inc. Conference Call to Discuss First Quarter Earnings Set for May 11, 2009 at 11:00 A.M. EST.

Ambac Comments on Moody’s Rating Actions

Ambac Reduces Counterparty Risk

Form 4 AMBAC FINANCIAL GROUP For: Oct 20 Filed by: Smith Robert Sorenson (10K)

Form 4 DEROSA PAUL R For: Oct 01 (10K)

Form 4 Stevens Timothy J For: Jul 23 (10K)

Form 4 Smith Robert Sorenson For: Jul 15 (10K)

Form 3/A Smith Robert Sorenson For: Jul 15 (10K)

Form 3 Smith Robert Sorenson For: Jul 16 (10K)

Form 4/A DEROSA PAUL R For: Jul 01 (10K)

Form 4 DEROSA PAUL R For: Jul 01 (10K)

Form 4 CALLEN MICHAEL A For: Jun 03 (10K)

Form 4 AMBAC FINANCIAL GROUP For: May 05 Filed by: THEOBALD THOMAS C (10K)