Howard,

I don’t remember if you held a position in MBIA’s debt. I got taken out of some of mine on a tender this morning at 95. But given that I got in at 83, that’s a decent, 14.5% capital-gain, plus the coupon provided an income-stream over my holding-period.

My guess is the MBIA will prevail in their tussle with BAC. Certainly, the stock guys seem to think so, if the gap up this morning --on a down market day after the idiots at the Fed announced continued money printing/currency depreciation-- is a good predictor. http://finance.yahoo.com/echarts?s=MBI+Interactive#symbol=mb...

Over the longer term, I’m not so optimistic about MBIA’s prospects. That will depend on things like the extent of their exposures to states with massive pension under-funding, which is yet another bubble waiting to burst that most are ignoring. But as has become usual and expected, I made decent money on my investment. So I’m content.

Charlie