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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Snowshoe who wrote (72567)	2/19/2010 2:39:45 PM
From: Haim R. Branisteanu	of 74559

Buffett’s ‘Dangerous Business’ Ensnares Municipal Bond Insurers By Christine Richard and Darrell Preston Feb. 19 (Bloomberg) -- Forewarned bankruptcies linked to infrastructure projects from Las Vegas to Harrisburg, Pennsylvania, may prove Warren Buffett’s conclusion that insuring municipal bonds is a “dangerous business.” Ambac Financial Group Inc., the second biggest bond insurer, faces as much as $1.2 billion in claims if a judge in Nevada allows Las Vegas Monorail Co., which runs a train connecting the city’s casinos, to reorganize in Chapter 11 bankruptcy. The City Council of Pennsylvania’s state capital shelved a plan to sell taxpayer-owned assets to meet payments on $288 million of debt used for an incinerator funded in part with bonds insured by a unit of Bermuda-based Assured Guaranty Ltd. Harrisburg is weighing a possible bankruptcy filing. bloomberg.com

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