Mish on Ambac: "Thud"

Mike Shedlock on the Ambac announcement and following price flop.
Best two lines:

Splitting a rotten apple in two does not give you half a good apple.
You cannot stay in business, by not doing business, no matter what the business is.

I wonder when the rating agencies are going to become shorts. Surely they are accomplices in the intellectual fraud that is the rating of CDO's. Mr. Buffett I know you have been a fan of and an investor in Moody's but, I think it is time to sell before the lawsuits hit.