Municipal Bond Insurance | Financial Guaranty | Muni Bond-Are These Guys Thugs?

Municipal Bond Insurance | Financial Guaranty | Muni Bond

This is the scumbag company that is attacking Calpers in the Stockton bankrupcy case. This company says Calpers should share the pain, but must know Calpers stands first in line in a municipal bankruptcy. That is California law. This company is located in a low tax haven, Bermuda and guarantees loaned money that comes from Wall Street.

So this is how it works: big corporations don't pay taxes, then they invest offshore with folks in Bermuda. Then the folks in Bermuda use the money that should have gone to taxes to guarantee the bonds of cities who must borrow instead of collecting the taxes in the first place! What a rip off! Oh, I am perfectly assured that this is all legal.

Assured Guaranty then goes around stating how Calpers is bad and how Calpers should not reap the rewards. But that is the law. Assured Guaranty either didn't know the law or wants to lean on Calpers and US politicans to change the law so that the Wall Street lenders, their clients, can be first in line to collect!

But it stinks. Assured Guaranty should just keep their opinions to themselves.

Here is their article that is trying to influence citizens to turn on Calpers and treat these thugs like they are the good guys. But they aren't. 

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