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Bloomberg Talks With Bruce Berkowitz (Full Interview)


BargainValueHunter
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http://www.bloomberg.com/news/2011-02-01/berkowitz-says-he-s-all-in-on-aig-transcript-.html

 

Well, we are about 20 percent of MBIA, like the management team, what they are doing now. I mean, MBIA serves a very valuable function in insuring certain bonds and especially when you think about municipal bonds, say, or the state of municipalities. Municipalities, down the road, are going to need MBIA’s insurance guaranty.

 

Now right now with - the Company is, I think, finishing issues that they’ve had with past issuers. There’s a bunch of lawsuits going on, but that’s all - in my opinion, that’s all going to be cleared up this year. It has to be so everyone can move forward.

 

And then, you’re going to find an MBIA that is - who kept its word every insured has been paid what they’ve been due. So, what they’ve insured that went bad, the insured’s been paid.

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My favorite part of his analysis:

 

BERKOWITZ: They’re worth significantly more just liquidating and just slowly dying a death, just running off the business, but that’s not going to happen. They’re going to have a vibrant new business, which is going to make them worth that much more.

 

 

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