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Monoline bond insurers are enduring increasing pressure with a renewed assault Wednesday by activist investor Bill Ackman and looming downgrades of their vaunted triple-A credit ratings.
In a widely distributed 20-page treatise targeting monoline firms MBIA(MBI Quote) and Ambac Financial (ABK Quote), Ackman argues that losses at the bond insurers have been underestimated.
Ackman, the head of hedge fund Pershing Square Capital Management, estimates that losses at Ambac related to its exposure to residential mortgage-backed securities and asset-backed collateralized debt obligations will be about $11.6 billion and that losses at MBIA could be as much as $12.6 billion. ...
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