Personal Finance News

MBIA Inc. swung to a $2.41 billion loss during the first quarter as the bond insurer faced ongoing deterioration in the credit markets and recorded billions in write-downs.

The loss equated to $13.03 per share during the quarter ending March 31, compared with year-ago profits of $198.6 million, or $1.46 per share.

Shares tumbled 7 percent, or 67 cents, to $8.76 in premarket trading.

MBIA was forced to reduce the value of its insured derivatives holdings by $3.58 billion, leading to $2.96 billion in total lost revenue, compared with revenue of $729.9 million a year ago. Net premiums written tumbled to $97.3 million from $171.3 million last year. Read more

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“Unfortunately, our study found that those who need their 401(k) the most look to be benefiting the least”

Despite extensive efforts to educate workers about saving for retirement, many employees are not doing a good job of managing their company-sponsored 401(k) accounts, a new study indicates.

The analysis of nearly 1 million retirement portfolios found that 69 percent have inappropriate risk or diversification of holdings and 36 percent have worrisome concentrations of company stock. In addition, one-third of savers aren't putting enough aside to qualify for the full company matching contribution. Read more

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Being your own boss, and working from home. It's a dream for many...and a reality for a few. via ClipSyndicate

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Hundreds of thousands of taxpayers from legal immigrants to soldiers based abroad are missing out on the tax rebates going out to millions of others to stimulate the economy. via KARE-TV Minneapolis

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“Your primary consideration is how long you are very sure that you are going to be in the same place.”

College graduates are saying goodbye to all-night study groups, pizza diets and midafternoon naps. via Hartford Courant

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High investment costs remain out of mind when overall returns are strong. Why sweat decimal points when basking in 20 percent gains? But when returns turn meager or slide downward, hefty expenses become visible ... via The Morning Call

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“If a site used to have 10 auctions, these days it has 15 or 20”

ELK GROVE VILLAGE, Illinois : The foreclosure crisis is hitting yet another American locale: the self-storage center. via International Herald Tribune

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COMMENT By Kenneth R. Harney Saturday, May 10, 2008; Page F01 A legal brawl is breaking out over how homes are appraised, at what cost and by whom. via The Washington Post

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“I'm still mastering the English language.”

Lenny Dykstra speaks six languages. The former All-Star lets this tidbit hang in the air for a few seconds, eyes twinkling mischievously, until he can't hold in the smile any longer. via MSN Money

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05/12/08 What could impact the coming trading week. via ClipSyndicate

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