Monoline Insurers

I'll have more on these companies at some point in the future (including a question as to why a AAA-rated company (MBIA) has to borrow money at 14%), but for now, check this out:

Ambac Financial Group, Inc., the first monoline bond insurer to see its AAA credit rating wiped out because of ill-timed mortgage exposure, said it is pursuing “strategic alternatives” after reporting a $3.2 billion quarterly loss — that’s $31.45 per share — on Tuesday.

Losses of $31.45 a share? Wow. It will probably surprise nobody that they closed today at $7.92, down from a 52-week high of $96.10.