Confidence Game - Christine Richard [168]
William Ackman, letter to Rep. Barney Frank, Oct. 26, 2007.
David Einhorn, “The Curse of the Triple-A Rating,” presentation at the Ira Sohn Investment Conference, New York City, May 27, 2009.
Karen Richardson, “Credit Crunch: MBIA Gets a Capital Pain Reliever,” Wall Street Journal, Dec. 11, 2007, C2.
Martin Whitman, interview with Erin Burnett, CNBC, Dec. 21, 2007.
Jody Shenn, “Moody’s Had $174 Billion in CDOs on Downgrade Review,” Bloomberg News, Dec. 18, 2007.
Morgan Stanley, “Fourth Quarter 2007 Earnings,” Bloomberg transcript, Dec. 19, 2007.
Ken Zerbe, “MBIA Discloses $8.1 Billion of CDO-Squared Exposure,” Morgan Stanley, Dec. 19, 2007.
“MBIA Further Addresses Previously Disclosed $30.6 Billion Multi-Sector CDO Exposure,” MBIA press release via Business Wire, Dec. 20, 2007.
Noland, “Wall Street Backed Finance.”
Kathleen Shanley, “Gimme Credit Comments on MBIA’s News,” Dec. 20, 2007.
CHAPTER 20 THE PANIC BEGINS
Christine Richard, “Ambac Will Cut Dividend, Raise $1 Billion in Capital,” Bloomberg News, Jan. 16, 2008.
“Comprehensive Plan to Strengthen Capital to Meet or Exceed Rating Agencies’ Triple-A Requirements,” MBIA press release via Business Wire, Jan. 9, 2008.
William Ackman, interview with Rhonda Schaffler on Bloomberg Television, Jan. 10, 2008.
Warren Buffett, interview with Becky Quick on CNBC’s Squawk Box, Feb. 12, 2008.
Christine Richard and Pierre Paulden, “MBIA Pays 14 Percent Yield on Sale of Surplus Bonds,” Bloomberg News, Jan. 11, 2008.
“AMBAC Announces Capital Enhancement Plan to Raise in Excess of $1 Billion,” press release via Business Wire, Jan. 16, 2008.
James Eck and Jack Dorer, Moody’s Investors Service, “Moody’s Reviews Ambac’s Rating for a Possible Downgrade,” Jan. 16, 2008.
Kathleen Shanley, “Gimme Credit Comments on Ambac’s News,” Gimme Credit, Jan. 16, 2008.
Jim Cramer, “Cramer on Financials,” Squawk Box, CNBC, Jan. 17, 2008.
David Wilson, “Bond Insurers’ Fans, ‘Negative Revenue,’ Ill-Timed ETF: Timshel,” Bloomberg News, Jan. 18, 2008.
“Evercore Asset Management Urges Ambac to Stop Capital Raising Effort and Accept Ratings Downgrade,” PRNewswire, Jan. 17, 2008.
“Ambac Chooses Not to Raise Equity Capital Under Current Market Conditions,” press release via Business Wire, Jan. 18, 2008.
William Selway, “Ambac’s Rating Cut Alters Standing of 137,504 Bonds, Fitch Says,” Bloomberg News, Jan. 18, 2008.
Christine Richard, “Ambac’s Insurance Unit Cut to AA from AAA by Fitch Ratings,” Bloomberg News, Jan. 18, 2008.
Doug Noland, “Daisy-Chain,” David Tice & Associates, Jan. 18, 2008.
Heather Hunt, “Moody’s Review and Share Volatility Don’t Warrant Fresh Money,” Citigroup Global Markets, Jan. 17, 2008.
William Ackman, letter to Raymond McDaniel, CEO of Moody’s; Stephen Joynt, CEO and President of Fitch Ratings; and Deven Sharma, President of Standard & Poor’s, “Subject: Bond Insurer Ratings,” Jan. 18, 2008.
Ajit Jain, President, Berkshire Hathaway Group Reinsurance Division, letter to Gary Parr, Deputy Chairman, Lazard, Feb. 6, 2008.
Steve Rothwell, “Banks May Need $143 Billion for Insurer Downgrades,” Bloomberg News, Jan. 25, 2008.
Paulson Credit Opportunities, letter to investors, 2007 Year End Report.
William Ackman, letter to Pershing Square investors, Nov. 21, 2007.
Christine Richard, “Ambac, MBIA Lust for CDO Returns Undercut AAA Success,” Bloomberg News, Jan. 22, 2008.
CHAPTER 21 CATASTROPHE AND REVENGE
Alexandre Dumas, The Count of Monte Cristo (New York: Bantam Dell, 2003), p. 260 (originally published 1844).
Joshua Coval, Jakub Jurek, Erik Stafford, “Economic Catastrophe Bonds,” April 2008, HBS Finance Working Paper No. 07-102.
Chua Kong Ho, “Asian Stocks Gain on Possible Bailout of U.S. Bond Insurers,” Bloomberg News, Jan. 24, 2008.
“Security Capital Assurance Ltd. Provides Update on its Capital Plan,” press release via PRNewswire, Jan. 23, 2008.
Thomas Abruzzo and Ralph Aurora, “Fitch Downgrades SCA and XLCA/XLFA; Ratings Remain on Watch Negative,” Fitch Ratings, Jan. 24, 2008.
William Ackman, letter