“The securitization of debt was in reality a distribution of cash unsupported by any rightful claim to it.” EDITOR’S NOTE: Another unthinkable “counter-intuitive” part of the process of disintegration on Wall Street. AMBAC, whose business was insuring those alleged mortgage bonds that turned out to have nothing in them, is going broke. Like its competitor, […]

Tags: AMbac, Assured Guaranty, BOND INSURER, Wilbur Ross
Posted in bubble, Corruption, Eviction, securities fraud |