MBIA continues to pretend, with the aid of the ratings agencies, to be a AAA rated company after losing a couple of billion more in 1Q08. From marketwatch.com:
MBIA loses $2.4 billion after write-downs
MBIA Inc. reported Monday a loss of more than $2 billion for the first quarter, its third straight loss, after the company took a $3.6 billion charge for losses on derivatives.
The bond insurer (MBI) continues to struggle with business difficulties in the face of falling house prices and a global credit crisis.
The company's net loss was $2.41 billion, or $13.03 a share. MBIA had earned $198.6 million, or $1.46 a share, in the year-earlier first quarter.
During the first quarter, it recorded a $3.6 billion unrealized loss on insured derivatives.
MBIA had been expected to lose $1.45 a share excluding special items, according to the consensus of a survey of seven analysts by FactSet Research.