Debt Rattle, February 23 2008

Updated 2.00 pmIlargi: Wall Street cheers after a [possible] $2-3 billion infusion for Ambac is announced. Remembering that for instance Sean Egan estimated some $30 billion will be needed for every single bond insurer, not 10% of that for just one of them, we are singularly unimpressed. In fact, if a banking industry that wrote down $150 billion in the past few months has such a hard time to