Subprime City Confidential: Leap Day Edition

Agony at AIG; Moody's gives one cheer for Ambac; Ross rests Assured; and more tantalizing tidbits from the capital city of the credit crunch

Egad. Take just a bit of time (O.K., a few months) off from chronicling the doings and undoings of the denizens of Subprime City, and all hell breaks loose. As the mayor of Subprime City, C.D.O. Sharkey, said yesterday from his new home in Aruba—he moved there to be closer to his bank accounts, and farther from some government types who appeared to take an interest in his recent real estate dealings—"A man can count on two things: His mother, and the fact that a carelessly conceived experiment in financial engineering taken to a trillion-dollar global scale is a recipe for disaster." (His mother finishes serving her sentence in 2015.)

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