In a post just a few days ago ("Municipal Bond Crisis, or Journalistic Fear-Mongering")we suggested that new municipal bond insurers were likely to materialize, given the "golden goose" appeal of insuring securities which almost never default and which are consequently an ideal asset for insurers to insure.
And this morning, according to news accounts, Warren Buffett is starting a bond insurance business. In fact, Berkshire Hathaway Assurance Corp. reportedly opens for business TODAY, in New York.
Mr. Buffett remains the smartest of the smart money. And we ain't so dumb either, if we do say so ourselves.
