$3.2 Billion Move by Bear Stearns to Rescue Fund
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A hedge fundâs near-collapse stems directly from bad bets on subprime mortgages and is the biggest such bailout since 1998.
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Bear Stearns said Friday that it would provide a loan of up to $3.2 billion to a hedge fund operated by its asset-management business, in an effort to placate lenders and investors.
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Bear Stearns must pay at least $125.1 million to a failed hedge fund after a court concluded the securities firm ignored signs that investors were being defrauded and took money to cover its own potential losses.
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Citigroup  plans to rescue $49 billion of structured investment vehicles in a move that further strains the biggest U.S. banking group's capital levels and may scupper a U.S. government-endorsed SIV bailout plan.
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WASHINGTON - Bear Stearns Cos. , reeling from mortgage-related losses, shored up investor support by selling a stake to China's government-controlled Citic Securities Co. and gaining a foothold in the world's best-performing stock market.
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The nation's fourth-largest bank plans to shore up $3.5 billion
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Bear Stearns Cos. Inc.  on Friday said it will provide up to $3.2 billion in financing for a struggling hedge fund it manages, but sources said a second fund is still working out a restructuring plan with creditors.
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Goldman Sachs reported profit of $3.2 billion, setting a record amid growing concern over falling stock prices and an imploding subprime mortgage market.
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ST. LOUIS  - Investment bank Bear Stearns & Co.   BSC.N on Thursday said third-quarter net income rose nearly   16 percent, easily beating Wall Street expectations, on strong   fixed-income trading.
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Northern Rock, the mortgage lender saved from collapse  by the Bank of England, took a step toward repaying the loans by selling a 2.2 billion pound portfolio to JP Morgan.
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Regulators said on Wednesday that  Bear Stearns Cos. Inc.  should be able to unwind the  positions of its two troubled hedge funds without causing wider  financial market distress.
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Lone Star Funds will recoup almost a third of its original investment in a move that drew divided reaction.
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Investors in Bear Stearns Cos.  hedge funds that were virtually wiped out from large bets on risky mortgages are planning to sue the company as early as Monday, television channel CNBC reported on Friday.
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Bear Stearns Cos. Inc.  on  Friday said it will provide up to $3.2 billion in financing for  a struggling hedge fund it manages, but sources said a second  fund is still working out a restructuring plan with creditors.
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Business & money: 9.30am: Shares in the bank jumped almost 3% after recommendation.
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The move by the countryâs $200 billion wealth fund comes as the government nears the end of a decade-long reorganization of the banking industry.
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Bear Stearns downgrades the aluminum giant.