One of the agencies that bought you AAA ratings on Junk CDOs, now has reaffirmed ratings on MBIA and Ambac. This is a rigged game to buy time for monoline insurers, goverment and other players ennough time to come up with alternative plan.
On Friday, the markets went up because banks came up with a $3 billion rescue package to save Ambac ratings. If $3 billion was all it needed, why was this not done earlier?
This looks like a band-aid solution if you can call it a solution. But you have to love the markets this days. The worse the news, the higher they go.
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