MBIA, a financial services firm, reported that its second quarter income dropped due to derivative losses. The firm posted a $75.5 million loss from the fair value of insured derivatives, compared with $1.47 billion in gains a year earlier, adds The Wall Street Journal. The net income available to common shareholders for the second quarter of 2011 was $137 million, compared with $1.3 billion in the second quarter of 2010. MBIA’s revenue dropped 95% to $98.1 million, total premiums earned were 4.6% lower and net investment income was down 11%.
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