Wednesday, Apr 23, 2008
Guess it was a dumb idea to give them $1.5bn last month eh
FT: Ambac hit by $3bn subprime charges
Gee, I guess they ain't so AAA after all......
Ambac Financial, the world’s second-largest bond insurer, on Wednesday posted a wider than expected first-quarter net loss, hurt by $3.1bn in charges related to subprime-related securities.
The first quarter net loss of $1.7bn, or $11.69 a share, compared with a net income of $213m, or $2.04 a share, in the same period a year ago. Analysts polled by Thomson Financial forecast a loss of $1.51 a share in the first quarter.
Posted by lvmreader @ 04:08 PM (212 views) Add Comment
1 Comment
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1. whiteknight said...
"vastly more than expected."...