Corporate Default Risk Soars to Record on Ambac Ratings Cut

By Hamish Risk and Abigail Moses Jan. 21 (Bloomberg) — The risk of European companies defaulting soared to a record on concern credit ratings cuts at bond insurers Ambac Financial Group Inc. and MBIA Inc. may trigger forced asset sales and worsen credit market turmoil. Credit-default swaps on the Markit iTraxx Europe index of 125 […]

MORTGAGE MELTDOWN

New proposals to ease our great mortgage meltdown keep rolling in. First the Treasury Department urged the creation of a new fund that would buy risky mortgage bonds as a tactic to hide what those bonds were really worth. (Not much.) Then the idea was to use Fannie Mae and Freddie Mac to buy the […]

Brian Fallow: Cullen not as tight-fisted as the billions in surpluses may show

It is easy to see Michael Cullen as a tight-fisted guardian of the public purse. Especially on days like yesterday when he was – yet again – reporting surpluses even fatter than expected but being coy about the prospect of personal tax cuts. Some of the numbers in the Crown books are hard to square […]