by Calculated Risk on 4/23/2008 09:17:00 AM

From the WSJ: Credit Crunch Weighs On Ambac Results

Ambac Financial Group Inc. swung into the red in the first quarter on a further $1.73 billion in collateralized-debt-obligation losses and $1.04 billion in loss provisions ...

That pretty much wipes on the $1.5 billion raised last month.