Paul L. Caron

Thursday, March 3, 2011

NY Times: Through the Tax Looking Glass With Ambac

New York Times DealBook, Through the Looking Glass With Ambac, by Stephen J. Lubben (Seton Hall):

If the claims by the IRS are true, Ambac has managed to pull off something that Lehman Brothers could not: force the government to provide a bailout. Ambac got its bailout by receiving more than $700 million in tax refunds that the IRS now argues were unwarranted.

Ambac slide

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Its funny to see mortgage backed securities, the LV monorail bond, and student loans in that portfolio. The only thing missing is a promise from Wimpy to pay them on Tuesday for a lent hamburger.

Posted by: Guy in the Veal Calf Office | Mar 3, 2011 8:56:39 AM