Ambac Brilliant Downgrade by Moody's

Ambac (ABK) downgraded by Moody’s to a notch above bankrupt. This unique analytical insight comes after the State of Wisconsin started to seize assets and Ambac says they may have to go bankrupt.

Wisconsin of all people. Wisconsin is not what you would call a major Wall Street or even Washington Beltway player. But they pulled the plug and did what made sense at this point.

The Wisconsin move triggers Moody’s to downgrade. If you needed any proof that Moody’s is a historical news service and not an analytical service here it is.

I wonder if this is the beginning of a new financial technique. I mean when a regulator has enough B#LLSH#T and tries to protect the public will we call it a Wisconsin