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.
Monday, November 8, 2010
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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.
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.
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