MBIA
Two days ago, Ambac, #2 bond insurer reported its biggest earnings, lifted by a $5.2 billion gain as its main business ground to a near halt.
Yesterday... MBIA, #1 bond insurer, Q2 Net income jumped eightfold to a record $1.7 billion, after a $3.3 billion gain on the declining value of liabilities.
Adjusted direct premiums, a measure of new business, dropped 93%; stock -64%.
MBIA booked a realized loss of $306 million for Q2 on asset sales as the insurance unit was stripped of its AAA rating.
The company is selling $3.2 billion of additional assets in Q3 to meet further terminations if the insurance unit is downgraded again.
So far those sales have resulted in losses of $436 million, bringing total realized losses at the asset management business to $742 million.
MBIA Global Funding, has a medium-term note program with $7.8 billion of liabilities outstanding.
The Nattering One muses... more Wall Street chicanery at its best. Subtracting the $3.3 billion "gain"; MBIA had a Q2 net loss of $1.6 billion.
Yesterday... MBIA, #1 bond insurer, Q2 Net income jumped eightfold to a record $1.7 billion, after a $3.3 billion gain on the declining value of liabilities.
Adjusted direct premiums, a measure of new business, dropped 93%; stock -64%.
MBIA booked a realized loss of $306 million for Q2 on asset sales as the insurance unit was stripped of its AAA rating.
The company is selling $3.2 billion of additional assets in Q3 to meet further terminations if the insurance unit is downgraded again.
So far those sales have resulted in losses of $436 million, bringing total realized losses at the asset management business to $742 million.
MBIA Global Funding, has a medium-term note program with $7.8 billion of liabilities outstanding.
The Nattering One muses... more Wall Street chicanery at its best. Subtracting the $3.3 billion "gain"; MBIA had a Q2 net loss of $1.6 billion.
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