Fairholme Capital Sells Most of MBIA with an 80% Profit

Bruce Berkowitz cashed in his profits from MBIA Inc. (NYSE:MBI), a new amended 13G filing shows. His firm, Fairholme Capital Management reduced holdings in the the insurer to 1.2 percent , or 2,250,100 shares of the company, a massive cut from previous ownership in 31,425,820 shares which made up a 16.3 percent stake. Berkowitz’s Fairholme Capital was the second largest shareholder of MBIA after Warburg Pincus LLC which owns 474 million shares. MBIA Story This big move comes after MBIA Inc. (NYSE:MBI) had gained 35 percent since the end of Q1, adding further to its multiyear rally. MBIA is down  over 2.8 percent today. Till…