More Pain for Ambac
Nearly everyone expected Ambac Financial Group's (ABK) first-quarter earnings to be bad, but few expected losses of this magnitude. The New York-based credit insurer reported a net loss of $1.66 billion, or $11.69 per share, due to writedowns on CDOs and mortgage-backed securities. Even excluding non-recurring items, Ambac lost $6.93 per share, well below the First Call estimate of a loss of $1.51.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.