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• The 1929-1933 crash took stock market down 90%, today’s market down 45% - half way there
• It is time to work honorably for a better epoch and one where capitalism is founded on just and sustainable principles.

• 1929 Wall Street Stock Market Crash

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CHICAGO (Dow Jones)–Subprime mortgages were the first sore spot for bond
insurers as falling housing prices hit borrowers hard. But in the first quarter,
home-equity lines of credit have become the new hot spot.
Third-largest bond insurer Financial Security Assurance Ltd. on Wednesday became
the latest to report that its loss projections for those loans rose in the
quarter.
FSA increased [...]

Moody’s warns on bond-insurer ratings again
This time, second-lien mortgage securities may test ratings, agency says
By Alistair Barr, MarketWatch
Last Update: 4:16 PM ET May 13, 2008
SAN FRANCISCO (MarketWatch) — Poor performance of second-lien residential
mortgage-backed securities could put pressure on the credit ratings of bond
insurers, Moody’s Investors Service said Tuesday.
Bond insurers have significant exposure to second-lien residential
mortgage-backed [...]

Ambac Gets Subpoenas From Conn Atty Genl Over Moody’s >ABK
Last Update: 5/12/2008 7:28:20 PM
DOW JONES NEWSWIRES
Ambac Financial Group Inc. (ABK) said Monday that it has received subpoenas from
Connecticut’s attorney general over his investigation into Moody’s Investors
Service’s municipal-bond rating practices.
The New York bond insurer said in a filing with the Securities and Exchange
Commission that the “focus [...]

SAN FRANCISCO (MarketWatch) — Poor performance of second lien residential
mortgage-backed securities (RMBS) could impact the credit ratings of bond
insurers, Moody’s Investors Service said on Tuesday. Bond insurers have
significant exposure to second lien RMBS, mainly through guaranties on the
securities and, to a lesser extent, through exposure to collateralized debt
obligations backed by such assets, the rating agency [...]

Ambac Financial Group Inc. (ABK) didn’t insure any new issue utility or
health-care transactions in the first quarter but said opportunities for
secondary market transactions are “steadily increasing.”
The second-largest bond insurer also said in its first-quarter business activity
update that it remains committed to student loans over the long term.
Overall, Ambac said, “While volume and insured penetration have [...]

SAN FRANCISCO (MarketWatch) — Investment managers of State Street Corp.’s State
Street Bank & Trust Co. reported a passive 6.9% stake in bond insurer Ambac Inc.
, according to a Securities and Exchange Commission filing on Monday. The filing
said that a State Street managed investment fund had just over 7 million shares
of Ambac. The holding was reported [...]

Berkshire’s Muni Insurer Starts Strongly-Buffett
Last Update: 5/3/2008 1:38:52 PM
OMAHA, Neb. (Dow Jones)–Berkshire Hathaway Inc.’s (BRKA) new bond insurance
business has started strongly, writing more than $400 million of policies on
municipal debt during the first quarter, Chairman Warren Buffett said at the
company’s annual meeting Saturday.
Most of the policies sold by Berkshire Hathaway Assurance Corp. have been written
in [...]

Ambac gains on Moody’s cautious assessment
Goldman expects Ambac and MBIA to raise another $3.4 billion each
By Alistair Barr, MarketWatch
Last Update: 4:22 PM ET Apr 24, 2008
SAN FRANCISCO (MarketWatch) — Ambac Financial shares rallied more than 7% on
Thursday after influential ratings agency Moody’s Investors Service issued a
cautiously supportive assessment of the bond insurer’s huge quarterly loss. [...]

As mortgages included in some supposedly investment-grade securities hit default
rates over 80%, bond insurers are looking for signs of fraud in individual loans
and even entire packages of mortgages they have insured.
Chances are they will find lots of it, some experts say, which could lead bond
insurers to demand that issuers repurchase the loans. This would transfer [...]

NEW YORK (Dow Jones)–Major stock benchmarks were slightly higher Wednesday after
the latest batch of earnings reports offered investors little new information to
guide trade.
The day’s earnings reports reinforced the themes that have informed trading in
recent weeks. Boeing’s strong first-quarter performance echoed the gains seen by
other multinational companies whose strong international presence helped to
shield them from the [...]

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