DealBook reports that MBIA Inc. (NYSE: MBI) is blaming short-seller William Ackman for its woes. And since it can’t seem to fight Ackman by improving its financial condition and boosting its prospects, MBIA is asking Congress to step in.

When the producer for CNBC’s Closing Bell with Maria Bartiromo called to ask whether I’d talk about that topic at 4:15 that afternoon, I turned her down. I would have loved to have discussed that; however, I had a lesson to teach. But I have been a supporter of Ackman’s sign to short MBIA since final May. And the stock is down about 81%

since thereupon. What a great sign on Ackman’s part!

That’s why MBIA’s testimony in front of Congress is so pathetic. Specifically, it targeted Ackman when it wrote that the House Subcommittee on Capital Markets should work with the Securities and Exchange Commission to curtail “the unscrupulous and dangerous market manipulation activities of short sellers,” trying to undermine market confidence in MBIA to drive the company’s share price to nearly zero.

Continue reading MBIA asks Congress to fight its battles with Ackman

Original post by Peter Cohan

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