MBIA reveals new losses from credit derivatives

Monoline insurer MBIA reported a net loss of $2.4 billion for the first three months of the year today. Over the whole of 2007 it lost $1.9 billion.

The company took a $3.6 billion writedown on insured credit derivatives, including $800 million in credit impairments. But MBIA said the figure "does not accurately indicate actual or expected losses", adding that "fair value accounting, however, results in some inappropriate comparisons of MBIA's position to those of other financial institutions who

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