Buffett offers to back municipal bonds

[liberal N proud]

OMAHA, Neb. - Billionaire investor Warren Buffett said Tuesday that he has offered to help out troubled bond insurers by offering a second level of insurance on up to $800 billion in municipal bonds.

In an interview on CNBC, Buffett said his Berkshire Hathaway holding company made the offer of reinsurance to bond insurers Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co. Buffett said one firm rejected his offer, and he was still waiting to hear from the other two. He did not say which was which.

http://www.msnbc.msn.com/id/23125942/

[aquarius dawning]

1. looks like the market liked hearing that

I wish the bell would ring like right fucking now.

[Celebration]

2. they won't accept it

Unless they plan to go bankrupt. It is a profitable business and they need it to shore up all the bad stuff that they insure. In truth, that may be lost. But it is going to take a long time to get there.