Ackman's Letter to NY Insurance Commissioner & SEC

Feb 01, 2008

If you thought Ackman's letter to the ratings agencies was something else. In a letter to the NY & Wisconsin Insurance Commissioners as well as the SEC, he lays out the cases for massive losses to MBIA (MBI, Financial) and Ambac (ABK, Financial). It is stunning...

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Ladies and Gentlemen:

In an attempt to improve the level of discourse in the marketplace regarding potential losses in the bond insurance industry, we are releasing today a dynamic financial model (the “Open Source Model”) that contains extensive detail on the precise CDO and related

exposures of the insurance operating subsidiaries of both MBIA and Ambac. The Open Source Model can be customized to allow users to estimate losses using their own assumptions.

Read the complete letter in PDF

Thanks to Todd Sullivan's ValuePlays for the link.

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