Billionaire Wilbur Ross is seriously considering a bid for ailing bond insurer Ambac Financial Group, according to a report in British paper the Evening Standard. Shares of Ambac, down 87 percent in a year, rose in European trading. Ambac and other bond insurers expanded from covering municipal bonds to insuring CDOs and subprime mortgages, and they’re now dealing with steep losses. “Many of these troubled properties will find someone’s arms to jump into at some price,” said Robert Doll at BlackRock. (Bloomberg)
of The Week magazine.