Quote of the Day: Ackman on MBIA

Bill Ackman asks if Fitch Ratings should really have a Triple AAA rating on MBIA:


Does a company deserve your highest Triple A rating whose stock price
has declined 90%, has cut its dividend, is scrambling to raise capital,
completed a partial financing at 14% interest (now trading at a 20%
yield one week later), has incurred losses massively in excess of its
promised zero-loss expectations wiping out more than half of book
value, with Berkshire Hathaway as a new competitor, having lost access
to its only liquidity facility, and having concealed material
information from the marketplace? Can this possibly make sense?

Ouch!

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