Mortgage woes hurt Bear Stearns
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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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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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Investors in two struggling Bear  Stearns Cos.  hedge funds that made bad bets on risky  mortgages will almost surely file lawsuits in hopes of  recouping losses, but legal experts say they could have a tough  time proving their case.
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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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Bear Stearns Cos 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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Hedge fund managers are accusing Bear Stearns Cos.  of trying to manipulate the market in securities based on subprime mortgages, the Wall Street Journal reported in its online edition.
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Stocks struggled Wednesday morning after the big selloff on Tuesday as investors weighed earnings from GM and Lehman Brothers against ongoing worries about the subprime mortgage market.
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U.S. stock futures lost ground Tuesday as concerns mounted about the viability of subprime mortgage lenders and whether their troubles would spread to other parts of the economy.
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Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults.
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Goldman Sachs Group Inc.  and  Bear Stearns Cos. Inc.  are learning that it&#39;s a tough  time to be in the U.S. mortgage business.
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U.S. stocks closed lower on Monday as growing concerns about the subprime mortgage market dragged down shares of Bear Stearns Cos.  and Goldman Sachs Group .
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Mortgage and shopping blues combine to push stocks lower.
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Bear Stearns Cos Inc's  management shake-up could make the investment bank a takeover target, but the specter of more write-downs and possible legal entanglements from the subprime credit crisis might keep suitors on the sidelines, analysts said on Tuesday.
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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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Bear Stearns dethrones asset-management head as subprime losses rock the firm.
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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.
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The Securities and Exchange Commission is examining the near-collapse of two Bear Stearns hedge funds that made bad bets on the mortgage market.