and other bond insurers are working on a plan to send to the
that would enable them to sell troubled assets to the government,
The companies also may present a proposal next week that would allow the insurers to guarantee some assets with government backing, CEO Michael Callen said in a
``We're working hard to put together a proposal and it's got to be an industry proposal,'' Callen said,
reports. ``We don't have a lot of time.''
Callen said he isn't asking Treasury to take a stake in Ambac.
The U.S. Treasury said Thursday it isn't considering buying equity holdings in bond insurers,
Five of seven bond insurers, including
and Ambac, lost their top AAA ratings this year as losses surged on securities linked to subprime mortgages, reports
This article was written by a staff member of TheStreet.com.