[…], the top four bond insurers have guaranteed about US$2.4 trillion in bonds. Somewhere between $800 billion and $1.1 trillion of those bonds were issued by state and local governments, the old conservative bonds least likely to default and cause a bond insurer to dip into its capital to pay up. […] The bond insurers have guaranteed about $1.3 trillion in “other” bonds. […] The top four bond insurers have about $20 billion in working capital, combined. They guarantee, let’s remind you, over $2.4 trillion in bonds. Do you see the problem here? It doesn’t add up. The idea that $20 billion in capital is adequate to guarantee $2.4 trillion in bonds is laughable. Only no one is laughing.

Quelle: Warren Buffet the Ambulance Chaser?