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MBIA Posts $2.4 Billion Loss From Credit Crisis

MBIA, the biggest player in the troubled U.S. bond insurance industry, on Monday reported a loss of $2.4 billion for its first quarter, as the credit crisis continued to roil the subprime-based securities that the company had insured.
The loss, the equivalent of $13.03 a share, was a stark reversal from the $198.6 million and $1.46 a share in net income MBIA earned a year earlier.

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