Bear Stearns net tumbles 61 percent
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Bear Stearns Cos Inc  said on  Thursday quarterly profit plunged 61 percent to its lowest  level in five years on bad bets on subprime mortgages and  disrupted fixed-income trading.
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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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Joseph C. Lewis, who became a billionaire trading currency, has taken a 7 percent stake in Bear Stearns Cos Inc , snapping up about $860 million worth of the investment bank's stock over the past two months.
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National Australia Bank ended a tumultuous year by reporting a 19.7 percent drop in net profit in the aftermath of a foreign exchange trading scandal that rocked the country's biggest lender.
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Crisis-hit bank's stock hits all-time low after Treasury warns it will not protect new customers.
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The company said profit from continuing operations fell to $614 million as weak demand for calculators outweighed improving sales of advanced phones that use its chips.
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Bear Stearns, the securities firm that had a big part in triggering the collapse of the subprime market, yesterday reported the first quarterly losses in eight decades in business after write-downs for mortgage holdings and declines in trading and investment banking.
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Stocks fell sharply on Wednesday after  oil prices jumped more than a dollar to over $48 a barrel and  investment bank Morgan Stanley MWD.N and brokerage Bear  Stearns Cos. Inc. BSC.N reported declines in quarterly  profits.
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Bear Stearns Cos. Inc.,  which manages a hedge fund that has reportedly suffered big losses, expects little further impact on earnings from the fund, the company's chief financial officer said on a conference call.
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Stocks fell sharply on Friday, dragged lower by the heavily weighted financial sector after Bear Stearns Cos. Inc.  said it bailed out a hedge fund that is facing margin calls.
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Two Bear Stearns Cos.  hedge  funds that invested heavily in securities backed by subprime  mortgage loans are close to being shut down as a rescue plan is  falling apart, The Wall Street Journal Online reported on  Wednesday.
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Bear Stearns Cos., the fifth-biggest U.S. investment bank, said Thursday fiscal second-quarter profit sank as a downturn in the U.S. mortgage market slammed the company's business of issuing and dealing bonds backed by pools of home loans.
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Quarterly profit fell a much larger-than-expected 32 percent, hurt by mounting credit losses and poor trading results in the bankâs investment banking unit.
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Business & money: Share price plunges after disappointing profits raising fears over America's economic slowdown
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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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Barclays Bank Plc  on  Wednesday accused Bear Stearns Co Inc  of using two  hedge funds that collapsed last summer as places to unload  troubled assets.
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Morgan Stanley and Bear Stearns said on Wednesday that their third-quarter earnings fell, the first declines for the investment banks in more than a year.