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  "authorName": "David Einhorn",
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  "notes": "The slide uses a Beatles lyric as a title to imply that the high income levels of the past are unlikely to return.",
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      "text": "So, with the future lacking legal recoveries, derivative loss reversals and advanced refunding income, pre-provision pre-tax income looks likely to collapse.",
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      "text": "Source: AGO annual reports for years presented, available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd, and Greenlight calculations. The 2018 estimates reflect Greenlight's estimates and incorporate impact of Syncora reinsurance transaction.",
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