Despite seeing more than $9 billion in market capitalization evaporate in less than two years, Ambac Financial Group Inc. paid out combined bonuses of nearly $3 million to four executive officers, it revealed in a filing with the Securities and Exchange Commission Monday night.

In 2008 Ambac paid cash bonuses of $975,000 to chairman Michael Callen, $500,000 to chief executive officer David Wallis, $950,000 to chief financial officer Sean Leonard, and $550,000 to Douglas Renfield-Miller, executive vice president of Ambac and CEO of Everspan Financial Guarantee Corp.

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