MBIA, the monoline insurer, announced last week that it no longer wanted to be rated by Fitch Ratings, the only holdout on its AAA status. The move has opened up quite a Pandora’s box, especially for people who have been skeptical of the AAA ratings MBIA received from Standard and Poor’s and Moody’s. We have been among them. But perhaps some creativity is called for in this time of credit turbulence.
When the sea is churning and the waves are heaving the ship, naturally it helps to call for a change in the weatherman. But why stop with Fitch? Reporters are a bit of a pain to MBIA right now. Why not just tell the troublemakers you don’t want them to write about you any longer. Same with columnists, commentators and bloggers. Especially bloggers. Also, certain investors have had way too much to say about the company. Tell them you don’t want them to own your stock. There’s also the SEC, which has an annoying habit of asking a lot of pesky questions. Fire them too. People will begin to get the message about MBIA.
Actually, we think they already have.