$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 Cos. Inc.  on  Friday replaced the head of its asset management business after  two of the investment bank&#39;s hedge funds hit rock bottom by  making bad bets on risky mortgages.
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The discount brokerage posted a larger-than-expected quarterly loss after a $2.2 billion charge related to the sale of its asset-backed securities portfolio.
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explanation of market-timing, further attorney comment. Picks up last graf. Also moving on general news wires. DENVER  _ The former chief executive of Invesco Funds Group has agreed to pay $500,000 to
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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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A quarterly profit of $3.2 billion was driven by increased trading volume and merger activity.
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The Federal Reserve, working to combat the effects of a serious credit crisis, said Tuesday it had auctioned $30 billion in funds to commercial banks at an interest rate of 3.95 percent.
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A hedge fund managed by Bear Stearns  Cos. Inc.  is scrambling to sell large amounts of  mortgage-backed bonds in a potentially troubling sign for the  broader mortgage-backed bond market, The Wall Street Journal  reported in its online edition.
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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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Joseph C. Lewis, who became a billionaire trading currencies, 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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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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The Federal Reserve, working to combat effects of a serious credit crisis, said Tuesday it had auctioned $30 billion in funds to commercial banks at an interest rate of 3.123 percent.
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Bear Stearns Co Inc  posted a much bigger-than-expected quarterly loss on Thursday, capping a fiscal year when the fifth-largest U.S. investment bank took a beating on bad bets on risky subprime mortgages.
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A move by Bear Stearns to shore up one of its two faltering hedge funds did little to instill confidence in an already fearful market.
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Barclays  and Royal Bank of  Scotland  have lined up emergency funds of up to $30  billion from the U.S. Federal Reserve to bail out American  clients caught up in the global credit crunch, a paper said.
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Investment bank Bear Stearns & Co.   Inc. BSC.N on Thursday said third-quarter net income rose,   helped by strong sales and trading results.
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A $2 billion investment will help keep Countrywide chugging along.