Ambac Throws a Fiesta!

Julia LaRoche for

Bankrupt bond guarantor Ambac Financial threw a private fiesta on Stone Street in Manhattan's Financial District Thursday evening for two of its outgoing executives.

Mad Dog & Beans — a popular watering hole and Mexican cantina in the Financial District — was jam-packed both inside and outside with Ambac employees wearing orange wrist bands for the private event.

It wasn't a party on the scale of the sort Wall Street firms threw before the financial crisis. There was no champagne or outrageously priced scotch. But Margaritas and Dos Equis flowed freely. The tables were covered with food.

"We used to have fancier parties," said one Ambac employee. "But we gotta have parties!"

Ambac, which failed due to large losses on bonds backed by subprime mortgages, rented out Mad Dog & Beans from 4 to 7 p.m. The menu included margaritas, sangria, nachos, tacos, chimichangas and a variety of other cocktails and party food.

Earlier this month, Ambac announced David Wallis, president and CEO, and Kevin Doyle, senior vice president and general counsel, have resigned.

Once the nation's second-largest bond insurer, Ambac filed for chapter 11 bankruptcy protection in November of 2010. According to the Ambac's website, the company will continue to operate in "the ordinary course of business" under the U.S. Bankruptcy Code.

Ambac declined to comment.

Questions? Comments? Email us

Follow NetNet on Twitter @

Follow Julia on Twitter @

Facebook us @