So, the stock market rallied today based on S&P’s affirmation of MBIA’s AAA rating. What was their justification for affirming the rating? That MBIA was able to sell notes at 14% interest to raise $2.6 billion of capital. Name me any other AAA rated institution that is forced to pay 14%. Guess what? You won’t be able to find one. 14% is what junk bonds pay, not AAA rated bonds. Read the details at The Big Picture.