The Ackman Report

Oh, this is good. Bill Ackman exposes, in excruciating detail (a 128 megabyte Excel file), how screwed Ambac and MBIA are. He writes a 20-page letter to regulators who are failing to regulate and he cc's the auditors who are failing to audit and the ratings agencies who are failing to give legitimate ratings.

I've got a pdf of the letter, which doesn't appear to be widely available online. E-mail me if you want it.

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