MBIA Soothes Street In Marathon Call

MBIA(MBI Quote) managed to allay concerns about the strength of its balance sheet in a lengthy conference call Thursday to discuss its shaky year-end results, but repairing its reputation may be an even tougher call.

The Armonk, N.Y.-based bond insurer has been under intense pressure from rating agencies of late and has been the subject of a withering campaign by hedge fund manager Bill Ackman at Pershing Square Capital.

The beleaguered financial guarantor rattled the markets by posting a net fourth-quarter loss of $2.3 billion, or $18.61 a share, compared with a net income of $181 million, or $1.32 a share during the same period last year. Shares initially responded by dropping sharply. ...