DealBook Blog: Bear Stearns Reports Steep 4th-Quarter Loss
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The loss of $854 million exceeded fears about how badly the bank was hurt by its subprime mortgage bets.
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Investment bank Bear Stearns Cos. Inc. , one of the nation's largest mortgage bond underwriters, said on Thursday quarterly earnings fell by a third as trouble in the mortgage market hurt bond trading revenue and it wrote down assets at a stock trading venture.
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Bear Stearns Cos.  may take until July 16 to tally losses at two struggling hedge funds that invested in risky mortgage-related securities, The Wall Street Journal Online reported on Monday.
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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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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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UBS AG, Europeâs largest bank by assets, reported its first quarterly loss in almost five years after $4.4 billion in losses and writedowns on fixed-income securities.
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OK. Listen up. It's hot. It's July. You'd rather be at the beach. But you're probably worried about your investments because some hyperactive managers with seven-figure salaries at Bear Stearns have made a mess -- perhaps for all of us -- by buying massive quantities of weird securities with borrowed money.
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UBS AG said Wednesday it expects a record loss of around $11.45 billion for the fourth quarter, largely a result of bad investments in U.S. subprime mortgages.
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- Bear Stearns said it expects Standard &amp; Poor's 500 financials to recognize mortgage and other credit-related write-downs of $125 billion to $175 billion, adding that write-downs in Europe should not cause "widespread panic" for U.S. counterparts.
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Investment bank Bear Stearns Cos. Inc.  , one of the nation&#39;s largest mortgage bond  underwriters, said on Thursday quarterly earnings fell by a  third as trouble in the mortgage market hurt bond trading  revenue and it wrote down assets.
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Goldman Sachs Group Inc's  bet  that securities backed by risky home loans would fall in value  brought nearly $4 billion of profits in the year ended November  30, the Wall Street Journal reported on its Web site on  Thursday, citing people familiar with its finances.
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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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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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Barclays PLC  may have tallied  big losses in a Bear Stearns Cos.  hedge fund that  invested in risky mortgages, The Wall Street Journal reported  on Saturday.
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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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Lehman Brothers Holdings and the Bear Stearns Companies, the Wall Street companies most dependent on the fixed-income market, posted record fourth-quarter earnings, helped by corporate bonds and derivatives.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.