03/28/2008 02:46 am ET Updated May 25, 2011

Buffett, Ackman Move In For The Kill

Like stealth tigers, billionaires Warren Buffett and Bill Ackman are moving in for the kill of the wounded bond-insurance business - but their ultimate meal could turn mean and messy.

Ackman, 41, has been stalking the bond-insurance companies for years with a strong hunch they'd become broke overnight and would earn him a windfall by betting on their demise.

Buffett, 77, who built a huge fortune on nuts-and-bolts insurance, has coveted the bond-insurance world's only treasure chest - its ultra-safe bets on municipal borrowing, since local governments almost never go bust.

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Other Buffett stories in the news today:

-- Jamie Johnson's new film "The One Percent" spotlights Buffett's relationship with his son's adopted daughter.

-- Warren's son Peter hopes to stage a musical in China.