Monday, November 8, 2010

Ambac Financial (ABK) Files For Bankruptcy

Shares of bond insurer’s holding co. slump 65% after hours.

This is funny, because in April 2010, Cramer was saying that you should "hold your nose" and buy Ambac even though the shares were worthless.

2 comments:

Taylor Conant said...

It's also funny because we're in a recovery and Ambac's fate should be tied to the fate of the financial crisis which is officially in the rearview mirror.

CP said...

Something else disgusting about this - Vanguard went down with the ship, owning $11 million worth of the stock.

For $11 million, you could have an analyst look for companies that even Cramer believes are worthless and sell the positions before they go to zero.