GLG News by Council Members Knowledgeable on Mortgage Guaranty Insurance

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

The risk of heavy outflows versus reality of transparancy

March 19, 2009

Analysis of:Swiss warn lifting secrecy ‘will take time’ | www.ft.com

Most of the financial community has demanded transparency within publicly traded corporate organizations - which seems appropriate if the public is to risk capital and buy stock of these equities. Now it seems the next directive is following the actual capital and making the global banking repositories provide transparency as well. Switzerland had succumbed to pressure on easing bank secrecy, but the full automatic exchange of tax information, as demanded by countries such as Germany, remained out of the question for Switzerland.

Martin KamarckPrincipalMAKO Consulting LLC

Beyond Credit Enhancement: The Value of Risk Management

March 9, 2009

Analysis of:Buffett Warns Insured Muni Bonds Could Be Next Shoe to Drop | www.tradingmarkets.com

The Bond Buyer headline: A default is a default, is a default, is a default. For bond issues most vulnerable to fiscal stresses, monoline insurers "write themselves into the indenture," with surveillance rights, reporting requirements and -- most imprtantly -- covenants and remedies more akin to an (old fashioned) bank loan than a bond issue. Especially with their portfolios of insured risks under stress, the monolines will aggressively exercise those rights as proxy for bondholders, so insured bondholders should be, generally, better protected. If, in his haste to cash in on the market opportunity in muni bond insurance, Buffett missed this basic element of the business, then BHAC's loss experience could be much worse than predicted.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Tread very carefully

March 9, 2009

Analysis of:HBOS, RBS U.K. Deposits Fell; Government Banks Gained | www.bloomberg.com

The US Senator Dodd has suggested a $500 Billion line of credit for the FDIC.  FDIC chair Shelia Bair has acknowledged a good idea for US depositors would be to continue the higher ($250k) FDIC Insurance limits on depositors bank deposit principal.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Business Risk Management First - Before Quant or Qual

March 9, 2009

Analysis of:Deutsche Bank’s Quantitative Team to Leave, Start Hedge Fund | www.bloomberg.com

Some of the The Frankfurt- based bank's DWS funds have recently suspended dividends due to previously exposed risk and current market conditions (1). Further, the Frankfurt- based bank,  will cut risk by shifting resources from areas such as proprietary trading after “unprecedented market conditions revealed some weaknesses” in trading operations. (1) DWS RREEF Real Estate Fund, Inc. (AMEX:SRQ - News) and DWS RREEF Real Estate Fund II, Inc. (AMEX:SRO - News) (the “Funds”) announced today that they will not declare any distributions to common shareholders in March 2009 because market conditions have resulted in a decline in portfolio values causing the Funds to currently not meet the preferred share asset coverage ratio that is a precondition to the declaration of common share distributions under the Investment Company Act of 1940.

Justin HupetPrincipal & Managing PartnerFour Peaks Capital LLC

Canadian Banks: "Steady As She Goes - Weather-Beaten By The Economic Hurricane But Not Broken"

March 6, 2009

Analysis of:Canada banks' long history of steady dividends | www.financialpost.com

Canada's banking system is currently the soundest and most stable in the world.  For those with patience, the ability to foresee past the current environment and have a longer-term time horizon, shares of Canadian banks represent significant value and upside potential.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

I did not have nationalization relations with that bank!

February 25, 2009

Analysis of:RBS May Not Avoid Full Nationalization With Insurance | www.bloomberg.com

Well, did you or didn't you? Guess we are not sure any longer since we have various definitions floating around. Both the UK & US have essentially shored up the depositors principal, and stripped the investors equity.

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Guarantee for life?

February 17, 2009

Analysis of:Axa Asia Posts A$372.9 Million Loss on Investments | www.bloomberg.com

In Southern California I watch Axa commercials on CNBC stating I can receive guaranteed payments for life.

Joseph SmithPresident and CEODefault Mitigation Management

Will only owrk if they do something with the mortgages!

December 12, 2008

Analysis of:RBS Promises Borrowers Six-Month Respite Before Foreclosing on Mortgages | www.bloomberg.com

1. Only works if the loans are re-performed. 2. Can be a rat in the snake waiting to pass. 3. Can make the situation worse with failure to reperform 4. There are good and bad modifications

Mark MariottiChief Executive OfficerFuture Management Holdings Inc

Something is better than nothing

December 8, 2008

Analysis of:RBS Promises Borrowers Six-Month Respite Before Foreclosing on Mortgages | www.bloomberg.com

The last six months of this frm's operation has seen its share of challenges. Executives and equity holders have experienced severe penaltys for the onging global financial and real estate meltdown. If the equity holders can have something of a planned ROI, it is better than nothing. Sad that we are at this point, but unfortunately we are.

Nicholas KrsnichPresident & Portfolio ManagerJMN Financial LLC

2nd Chance

December 5, 2008

Analysis of:2nd Chance | www.jmnfinancial.com

Patterned after the depressions "New Deal", "2nd Chance" offers suggestions for bank recapitalization, handling of foreclosed homes, and restarting a struggling RMBS securities market.

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