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Warren Buffett's Berkshire Hathaway BRK.A has withdrawn an offer to assume hundreds of billions of dollars of municipal bond obligations from MBIA MBI, Ambac ABK and FGIC, the billionaire investor said during a television appearance Monday. Last month, Buffett offered to reinsure $800 billion of obligations, but none of the firms accepted the proposal. "We tossed our hat in the ring, and they tossed the hat back,'' Buffett said on CNBC. When Buffett made the offer public in February, he said that one of the insurers had already rejected the bid. Since then, speculation has emerged that a rescue package will be arranged that will preserve the monolines' capital and their triple-A ratings.
The ailing financial services company reportedly picks its current chairman to serve as its top executive.
Lingering liquidity problems in the credit markets could soon turn their wrath on insurers.
The troubled bond insurer's move is an attempt to shore up capital amid pressure from ratings agencies.
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Catch up on his thinking on the hottest topics of the past week.
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The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
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