I'm not sure whats harder to believe, this announcement by MBIA or the fact the credit rating agencies just reaffirmed their AAA rated standing, albeit with a negative outlook.
heres the link
http://http://www.money.cnn.com/2007/12/20/news/companies/benner_mbia.fortune/index.htm?source=yahoo_quote
Bill Ackman has spent enormous time researching the bond guarantors MBIA and Ambac. His research is excellent & below is the link to three of his presentations , including his presentation "Who's holding the bag" from the Ira Sohn conference given in May'07.
Ackman has put his money where his mouth is and is shorting both MBIA & Ambac.
To access the presentations you are required to fill in some brief info which just takes a few moments.
http://http://www.pershingsquare.valueinvestingcongress.com/
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