Confidence Game - Christine Richard [167]
William Ackman, presentation to the New York State Insurance Department, “Bond Insurers: The Next S&L Crisis?” Aug. 1, 2007.
Mick McGuire, e-mail to Jordan Cahn at Morgan Stanley, “MBIA Subprime Call,” Aug. 1, 2007.
MBIA presentation, “MBIA’s Disciplined and Selective Approach to Subprime RMBS and Multi-Sector CDOs,” Bloomberg transcript, Aug. 2, 2007.
Deutsche Bank Securities presentation, “Shorting Home Equity Mezzanine Tranches: A Strategy to Cash In on a Slowing Housing Market,” April 2007.
Lisa Kassenaar and Yalman Onaran, “Thain Makes Like Komansky in Pledge on Subprime Orgy,” Bloomberg News, Jan. 3, 2008.
MBIA Insurance Corporation and LaCrosse Financial Products, LLC v. Merrill Lynch, Pierce, Fenner and Smith Inc., and Merrill Lynch International, First Amended Complaint, New York Supreme Court, New York County, May 15, 2009, Index No. 09-601324.
Janet Tavakoli, “MBIA and Ambac: Structured Finance Underwriting Standards,” Tavakoli Structured Finance, Feb. 18, 2008.
Shareholder report on UBS’s writedowns, Apr. 18, 2008 (www.ubs.com).
Fitch Ratings, “Basel II and Securitization: A Guided Tour through a New Landscape,” Oct. 14, 2009.
William Ackman, e-mail to Christopher Mahoney, Aug. 3, 2007.
AIG second quarter 2007 earnings conference call, Bloomberg transcript, Aug. 9, 2007.
Joseph S. St. Denis, letter to Henry A. Waxman, Chairman of House Committee on Oversight and Governmental Reform, Oct. 4, 2008.
Henry Tabe and Martin Rast, “SIVs Represent an Oasis of Calm in the Sub-Prime Maelstrom,” Moody’s Investors Service, July 23, 2007.
Mark Pittman and Elizabeth Stanton, “Subprime ‘Tsunami’ Hits Asset-Backed Commercial Paper Market,” Bloomberg News, Aug. 8, 2007.
Mark Pittman, “Commercial Paper Yields Soar to Highest Since 2001,” Bloomberg News, Aug. 9, 2007.
William Ackman, letter to Pershing Square investors, “Re: Second Quarter 2007 Performance,” Aug. 14, 2007.
CHAPTER 18 PARTING THE CURTAIN
Ken Zerbe, “Financial Guarantors on the Knife’s Edge: Can the Industry Survive?” Morgan Stanley, Nov. 2, 2007.
Merrill Lynch & Co. third quarter 2007 earnings conference call, Bloomberg transcript, Oct. 24, 2007.
MBIA Inc. third quarter 2007 earnings conference call, Bloomberg transcript, Oct. 25, 2007.
Testimony of William Ackman, “In the Matter of Gotham Partners Management Co.,” Securities and Exchange Commission, Washington, DC, June 18, 2003.
Kathleen Shanley, “MBIA: Ghosts and Goblins,” Gimme Credit, Oct. 31, 2007.
Zerbe, “Financial Guarantors on the Knife’s Edge.”
Tom Abruzzo and Keith Buckley, “Fitch Details Approach to Assessing Financial Guarantors’ SF CDO Exposures,” Fitch Ratings, Nov. 5, 2007.
Christine Richard and Cecile Gutscher, “MBIA, Ambac Downgrades May Cost Market $200 Billion,” Bloomberg News, Nov. 15, 2007.
Elizabeth Hester and Bradley Keoun, “Citigroup, Banks Agree on ‘Super SIV,’ Person Says,” Bloomberg News, Nov. 12, 2007.
ACA Capital third quarter 2007 earnings conference call, Bloomberg transcript, Nov. 8, 2007.
Karen Richardson, “How the Crunch Is Playing Out: Buffett Gets Opening as Bond Insurers Turn to Berkshire for Succor,” Wall Street Journal, Nov. 13, 2007, section C, p. 1.
Christine Richard, “MBIA, Ambac Defending AAA Ratings, Consider Capital Raising,” Bloomberg News, Nov. 7, 2007.
William Ackman, presentation at Value Investing Congress, New York City, “How to Save the Bond Insurers,” Nov. 28, 2007.
Examination of William Ackman by the Securities and Exchange Commission, June 5, 2003.
Joe Nocera, “Short Seller Sinks Teeth Into Insurer,” New York Times, Dec. 1, 2007, p. C1.
William Ackman, e-mail to the Securities and Exchange Commission, “The SEC’s Enforcement Failures with the Bond Insurers and Other Issues,” Dec. 2, 2007.
Letter to Mark Stein, Simpson Thacher & Bartlett LLP, from Cheryl J. Scarboro, Associate Director, Securities and Exchange Commission, “In the Matter of Gotham Partners Management Co., LLC,” Dec. 19, 2007.
CHAPTER 19 RATINGS REVISITED
Doug Noland, “Wall Street Backed