Banking, finance, and taxes
Insiders at MBIA & Ambac Buy Shares (MBI, ABK)
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We have seen numerous transactions today in different FORM 4 filings where executives at both MBIA Inc. (NYSE: MBI) and AMBAC Financial Group Inc. (NYSE: ABK) have gone out into the open market to acquire shares. This is generally thought of as a show of force where executive buy shares after negative news, and yesterday’s negative credit review of both companies caused that drop.
MBIA’s Chairman Joseph Brown also bought 159,000 shares of common stock at $5.91 per share today, giving him 2,611,456 shares of direct ownership.
Ambac’s Chairman and CEO Michael A. Callen bought 10,000 company shares on Thursday for $2.60 per share. Director Laura Unger disclosed transactions from June 3 for purchases of $103,334 shares at $3.00 in two transactions. Jill Considine, Philip Duff, and Henry Wallace all also each bought 33,334 shares at $3.00 on June 3.
So far, it seems to at least partly be working after the drumming these guys took yesterday. MBIA shares are up 4.6% today to $5.89 and Ambac shares are currently flat at $2.49.
Jon C. Ogg
June 5, 2008
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