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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Mark Adams who wrote (118255)	8/25/2001 12:22:06 AM
From: Bill/WA	Read Replies (1) of 436258

Mark, thanks for the post. do you have an opinion on their reporting this? from Business Wire 8/02; <<Municipal Services For the first half, municipal services operations reported a $1.6 million loss compared with a loss of $0.5 million in the year-earlier period. Municipal services operations reported a loss of $0.8 million in the second quarter compared with a loss of $0.1 million in last year's second quarter. Corporate The corporate segment includes net investment income, interest expense and corporate expenses. Corporate increased 8 percent to $38.1 million from $35.3 million in the first half of last year. In the second quarter, corporate also increased 8 percent to $19.5 million from $18.1 million in last year's second quarter. Gains and Losses In the first half of 2001, MBIA recorded net realized gains of $0.9 million, compared with $19.3 million in the first half of 2000. MBIA reported net realized gains of $3.1 million in the second quarter of 2001 compared with $7.4 million in the second quarter of 2000. The company recorded a pre-tax net unrealized loss of $7.0 million for the first half and $1.1 million for the second quarter under SFAS 133 for this year. Because this accounting standard was not in effect during 2000, there was no corresponding gain or loss in the prior year. MBIA recorded a $13.1 million after-tax charge in the first quarter of 2001 to reflect the cumulative effect of this accounting standard as of January 1, 2001. >> also noticed a little mention of derivatives in the income statement; <<Change in fair value of derivative instruments went from 0 in the 1st half of 2000 to (7,037,000) in the 1st half of 2001.>> which makes me wonder how successful they are at this; <<Although our outlook is tempered by MBIAfs significant exposure to the troubled California utilities, PG&E Corp. and Edison International, as well as its mixed record of leveraging the growth opportunities in the structured finance and international markets..>> regards Bill/WA

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