Bear Stearns Posts Substantial Loss
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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Morgan Stanley  on Wednesday  posted a stunning fourth-quarter loss after recording a  bigger-than-expected $9.4 billion of write-downs and said it  sold a $5 billion stake to China Investment Corp to bolster its  capital.
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Bear Stearns Cos. said yesterday its profit plunged 62 percent in the third quarter as turbulence in the debt market and wrong-way bets on mortgages crunched the investment bank's credit portfolio and bond business.
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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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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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Washington Mutual Inc , the largest U.S. savings and loan, suffered a larger-than-expected $1.87 billion fourth-quarter loss on Thursday, battered by mortgage defaults and write-downs.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a $421.9 million fourth-quarter loss on Tuesday, hurt by mounting defaults in a sinking housing market.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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Some aggrieved investors are turning  to lawyers to pursue possible legal claims stemming from losses  at two Bear Stearns Cos.  hedge funds that were  virtually wiped out from large, illiquid bets on risky  mortgages.
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Student lending company Sallie Mae posted a fourth-quarter loss on Wednesday, citing higher provisions for loan losses due to the weakening credit markets.
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Morgan Stanley  on Wednesday posted a stunning fourth-quarter loss after recording a bigger-than-expected $9.4 billion of write-downs and said it sold a $5 billion stake to China Investment Corp to bolster its capital.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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Swiss bank UBS reports a worse-than-expected third quarter loss, hit by bad debt in the US housing market.
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Bear Stearns reported second-quarter earnings on Thursday.
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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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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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Shares of Bear Stearns Cos Inc  fell 3 percent on Thursday afternoon after a CNBC report downplayed any talks between the investment bank and potential outside investors.