March 07, 2008

It ain't just subprime...

...that's roiling the capital markets, it's also all the bond guarantees for tolling projects that are failing to meet their projected traffic estimates. Sal has more about FGIC which, like AMBAC and MBIA, is having problems meeting it's obligations to bondholders who hold paper they guaranteed. Why? Poor projections from the same people who've been fucking up traffic projections for years, URS.

Posted by mcblogger at March 7, 2008 09:47 AM

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