10 days ago, the market felt relieved when Warburg Pincus agreed to “invest” $1 billion into MBIA. It was said that this was yet another sign that the worst was behind us.  Now we are just left wondering if Warburg knew about the CDO guarantees or whether someone from MBIA had to call up and say, “Oops, we forgot to tell you….”  When a story like this comes out I spend a little time pulling up the original press release and the media coverage.  They usually make for insightful and sometimes funny reading.