Monoline Death Watch August 11, 2009 at 7:42 pm
Felix Salmon discusses some recent JPM research on MBIA:
in a note issued this morning they said that MBIA’s tangible book value is actually negative, to the tune of about -$40 per share.
OK, the full article has some caveats. But the mere fact that a reputable investment bank (if that is not an oxymoron) can suggest that MBIA is insolvent should raise some warning signs about the extended historical fiction that is insurance accounting.