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  "documentTitle": "Assured Guaranty (AGO)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2018-04-23 00:00:00",
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  "notes": "The slide argues that the company has insufficient loss reserves relative to its high-risk exposure.",
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      "text": "AGO still has $12.6 billion of exposure, of which $3.4 billion is “below investment grade” including significant subprime exposure, but only $100 million of loss reserves.",
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      "text": "Expected Loss/BIG: 3.0%",
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      "text": "While structured finance isn't the size it used to be, there is still just a small reserve against a large “below investment grade” exposure. AGO still has $12.6 billion of exposure, of which $3.4 billion is “below investment grade” including significant subprime exposure, but only $100 million of loss reserves.",
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      "text": "Source: AGO 2017 annual report and AGO 2017 financial supplement, both available at http://assuredguaranty.com/investor-information/by-company/assured-guaranty-ltd; and Greenlight calculations.",
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      "text": "Category | Expected Loss ($M) | BIG ($M) | Expected Loss/BIG\nRMBS | 73 | 2,761 | 2.6%\nOther structured finance | 27 | 606 | 4.5%\nTotal | $100 | $3,367 | 3.0%",
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      "text": "Structured finance loss to be paid",
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