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More BLS BS
If you went to the market with your credit rating, it would be a low rating and the cost of the money would be high. But if you get one of the seven monoline insurers to guarantee your bond, then you get whatever their credit rating is. The fees for such insurance are lower than the savings you get on the bond, so everyone wins. But over the years, most of the monocline insurers went from boring municipal bonds and jumped into the mortgage-backed security markets, selling credit default swaps that significantly juiced up their earnings. But it also added a lot of risk that they clearly, in hindsight, did not understand.
ACA has already seen its rating go from A to CCC, which is basically junk. This puts it out of business, as no one will pay to be rated as junk. More>>
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U.S. Venture Capital Fundraising Plunges 62%; Firms Raise Just $3.23 ...
SAN FRANCISCO, Aug. 1 /PRNewswire/ -- U.S. venture capital firms raised $3.23 billion in the second quarter of 2007, a 62% drop from the same period last year and the biggest decline since 2002, according to Dow Jones VentureOne, the publisher of VentureSource. The quarter saw 15 venture capital funds raised, compared to 25 a year ago, and was the lowest quarterly fund total since the first quarter of 2003. At the halfway mark of 2007, venture firms raised a total of $6.36 billion, down 50% from amounts raised in first half of last year. However, in 2006, five 'mega' venture funds raised more than $7.92 billion in capital alone and 2005 saw $2.6 billion raised by two super-sized funds.
"Comparing 2007 to 2006 is almost unfair, as by this point last year we had already seen three 'mega' funds raise more than $4.3 billion in capital," said Jessica Canning, director of global research for Dow Jones VentureOne. More>>
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the has-been
Our [elephants] are not required to perform or entertain for the public; instead, they are encouraged to live like elephants." Let Reagan be Reagan! ... 5:05 P.M. (link) Tuesday, May 1, 2007
Wonks in the Palfrey: Something caught my eye when ABC News reported that one of the next clients D.C. madam Deborah Jeane Palfrey will out is the head of a Washington think tank. Perhaps it's the dark secret I've spent years trying to conceal: I'm the head of a Washington think tank.
That's how it is on a dark night in a Think Tank Town that doesn't know how to keep its secrets. Thousands of my fellow propeller heads aren't worried that our names will turn up on Palfrey's list, because our idea of an escort service is the GPS system in our cars.
Palfrey told ABC that the client in question runs a conservative think tank. More>>
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