Industry News

BofA, Wachovia, Ambac reveal Q4 write-downs

Banks eke out profits; bond insurer lost $3.26 billion
Published on Jan 22, 2008

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by CareyBot

Losses on securities and derivatives backed by mortgages and other debt largely cancelled out fourth-quarter profits at Bank of America Corp. and Wachovia Corp, and left bond insurer Ambac Financial Group Inc. $3.26 billion in the red. Bank of America ...