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This morning on CNBC's Squawk Box, Warren Buffett publicly revealed for the first time that he has offered to reinsure $800 billion in municipal bonds now covered by the troubled insurers MBIA, Ambac and FGIC. That would effectively give those bonds a AAA credit rating. So far, he says one insurer has turned him down and he hasn't heard from the other two. Here is a transcript of the first part of this morning's live phone conversation.
Warren Buffett tells Fox Business that Berkshire Hathaway won't be investing in any troubled bond insurer, including Ambac and MBIA
Warren Buffett tells CNBC this morning that he has a plan to help the troubled bond insurance situation, but so far it's not getting a very warm reception.In a live telephone call to Squawk Box just a few minutes ago, Buffett offered to reinsure $800 billion in municipal bonds now insured by Ambac, MBIA and FGIC, effectively giving them a AAA credit rating. Those insurers are in danger of losing their AAA credit ratings due to problems with subprime mortgages and other loans.Buffett tells us he sent that offer to the bond insurers last week, and that he's giving them 30 days to find a better deal. Buffett says one bond insurer turned him down, and he hasn't yet heard from the other two.
Banks are a good long-term investment, but in the short and probably medium term fears of further writedowns will still send shockwaves through the market, analysts said on Tuesday.
Marsh & McLennan Tuesday said quarterly net income fell 62 percent, short of Wall Street expectations, as it digested higher costs and hefty restructuring charges.
The disclosure that losses from risky debt may be billions of dollars more than previously reported could eventually put CEO Martin Sullivan's job in jeopardy, people within the company told CNBC.
American International Group, the world's largest insurer, disclosed that the value of some of its risky debt portfolio plunged by $5.96 billion, not $1.6 billion as reported earlier.
Warren Buffett will be calling into CNBC's Squawk Box tomorrow (Tuesday, February 12) morning during the 8am ET hour for a First on CNBC live telephone interview with Becky Quick and the rest of the Squawk team. Buffett will be discussing the bond insurance situation.
U.S. private equity firm JC Flowers has written a second letter to Friends Provident seeking talks on the future of the British life insurer, just a week after it announced the outcome of a strategy review, sources familiar with the matter said on Sunday.
Warren Buffett won't be going to Hartford, Connecticut to testify in a criminal corporate fraud trial involving former executives of Berkshire Hathaway subsidiary General Re. Jurors are now expected to begin their deliberations next week. The defense rested its case yesterday (Thursday) after calling five witnesses over two days. None of them were named Buffett.
Think the insurers are dead money? Think again.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Health insurer Cigna said on Wednesday that fourth-quarter profit rose 13 percent, helped by its international operations and disability and life business.
Sales of drug-coated stents, Boston Scientific's most profitable products, came in at the low end of the company's guidance in the fourth quarter. Stents are the fragile little wire mesh cylinders that act like scaffolding to prop open clogged arteries.
Efforts to help bail out troubled bond insurers are escalating, with one group of big banks focusing on a potential rescue of Ambac Financial Group, CNBC has learned.
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Major rating agencies are holding off downgrading bond insurers MBIA and Ambac Financial Group while they attempt to work out a bailout plan, bankers working on the bailout told CNBC.
Bond insurers, whose foray into the subprime debt market has led to billions of dollars in losses, are facing more downgrades of their prized Triple A rating.
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