Thursday, February 07, 2008

Such a Shitpile

Caught this earlier.

Shares of bond insurer Ambac (ABK 11.20, +0.26) spiked on news that Bank of America (BAC 42.87, +0.54) has a 7.1% stake in the company.

BoA likely owns a lot of big shitpile still, and it owns a lot of a company which insures big shitpile.