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To: patron_anejo_por_favor who wrote (202557)	11/7/2002 9:01:25 PM
From: Knighty Tin	Respond to of 436258

patron, This often happens to cos. who lose pricing power in a highly competitive industry. Funny article on Morningstarry eyed the other day. They mentioned that MBI only had one competitor. Well, their counting has always been poor, which is why they have been terrible at picking funds. Ambac is the oldest co. in the industry. FGIC is part of GE Capital. I'm told that that co. will occasionally compete for business. The other 3 muni insurers are smaller, but not insignificant. And here in Texas, we have a major competitor: The Permanent School Fund, which is better capitalized and better reserved than the rest of the industry put together. The only way the other insurers get any biz down here is because, as their name states, PSF is specialized. And because a national offering doesn't work with an insurance organization that nobody has every heard of.