Wilbur Ross backs up Assured Guaranty
Some on Wall Street had hoped Ross could put his cash muscle behind on of the insurers that struggling, such as AMBAC Financial Group(NYSE:ABK). But Ross is playing it safer in these turbulent financial markets.
According to Marketwatch, Ross insists that the first $250 million is not "rescue capital". "The idea is to enhance their position for internal growth." he said. So more deals may be in the future.
The markets like the news as shares of AGO are up today a little over 10%.
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