Democratic Underground - Eight banks seek rescue plan for bond insurers (MBIA, Ambac)

Reply #46: Eight banks seek rescue plan for bond insurers (MBIA, Ambac) [View All]

DemReadingDU

(1000+ posts) Send PM | Profile | Ignore

Fri Feb-01-08 09:42 AM
Response to Reply #13

46. Eight banks seek rescue plan for bond insurers (MBIA, Ambac)

2/1/08
NEW YORK (Reuters) - Eight banks have formed a consortium to seek a rescue plan for MBIA Inc , Ambac Financial Group Inc and other troubled bond insurers, CNBC said on Friday, citing an unnamed source.

The eight banks include Barclays Plc , BNP Paribas , Citigroup Inc , Dresdner, Royal Bank of Scotland Group Plc , Societe Generale , UBS AG and Wachovia Corp , CNBC said.

Wachovia had no immediate comment. Citigroup, Ambac and MBIA did not immediately return requests for comment. The other banks were not immediately available for comment.

Shares of MBIA rose $2.50, or 16.1 percent, to $18 in trading before the market opened. Ambac rose $2, or 17.2 percent, to $13.64.

a bit more...
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20080201&id=8127219

Umm, aren't some of these banks in financial trouble themselves?

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Reply #46: Eight banks seek rescue plan for bond insurers (MBIA, Ambac) [View All]