Many of those students that were expecting to start working for Bears Stearns this spring as either an intern or a full-time hire, are now finding themselves cut loose following the firm's dramatic near collapse last month.
The Senate took a long, hard look at JPMorgan Chase's planned purchase of Bear Stearns on Thursday, grilling both executives and federal regulators who helped shepherd the controversial deal.
Stocks inched higher Thursday, as investors continued to bet that the worst of the credit crisis is behind the market. However, gains were limited by some jitters ahead of Friday's big monthly jobs report.
The Federal Reserve bailed out Bear Stearns to prevent a failure that could have dealt serious consequences to the U.S. economy, Federal Reserve Chairman Ben Bernanke said
For Bear Stearns investors, last week's news that JPMorgan Chase was boosting its "takeunder" bid from $2 to $10 a share came as little consolation.
Investors burned during this wretched first quarter can take comfort in this fact: Many pros think stocks could do well in the third and fourth quarters.
You could detect a trace of fear in his voice. Mostly he seemed stunned. It was March 6, and one of Bear Stearns's top bond executives had dialed me up unprompted. The executive had dished about competitors in the past, but he had never initiated a discussion, much less one about his own firm. Now he explained that financial institutions that he dealt with - firms he had traded with for years - were suddenly asking him whether Bear had the cash to execute their trades.
Investors burned during this wretched first quarter can take comfort in this fact: many pros think stocks could do very well in the third and fourth quarters.
Just a day after JPMorgan Chase quintupled its bid for Bear Stearns, James Cayne, the chairman of the troubled investment bank, dumped his entire stake in the firm, selling more than $60 million worth of company stock he owned.
It's every professional's nightmare: You're working in a great job for a well-regarded employer, then the company -- seemingly overnight -- suffers a crisis and is bought out or goes belly-up. Your career, which seemed golden just a few days ago, suddenly looks to be in jeopardy. And the pressure's all the worse if your savings were heavily invested in your employer's now-much-devalued stock.
Many of those students that were expecting to start working for Bears Stearns this spring as either an intern or a full-time hire, are now finding themselves cut loose following the firm's dramatic near collapse last month.
The Senate took a long, hard look at JPMorgan Chase's planned purchase of Bear Stearns on Thursday, grilling both executives and federal regulators who helped shepherd the controversial deal.
Stocks inched higher Thursday, as investors continued to bet that the worst of the credit crisis is behind the market. However, gains were limited by some jitters ahead of Friday's big monthly jobs report.
The Federal Reserve bailed out Bear Stearns to prevent a failure that could have dealt serious consequences to the U.S. economy, Federal Reserve Chairman Ben Bernanke said
For Bear Stearns investors, last week's news that JPMorgan Chase was boosting its "takeunder" bid from $2 to $10 a share came as little consolation.
Investors burned during this wretched first quarter can take comfort in this fact: Many pros think stocks could do well in the third and fourth quarters.
You could detect a trace of fear in his voice. Mostly he seemed stunned. It was March 6, and one of Bear Stearns's top bond executives had dialed me up unprompted. The executive had dished about competitors in the past, but he had never initiated a discussion, much less one about his own firm. Now he explained that financial institutions that he dealt with - firms he had traded with for years - were suddenly asking him whether Bear had the cash to execute their trades.
Investors burned during this wretched first quarter can take comfort in this fact: many pros think stocks could do very well in the third and fourth quarters.
Just a day after JPMorgan Chase quintupled its bid for Bear Stearns, James Cayne, the chairman of the troubled investment bank, dumped his entire stake in the firm, selling more than $60 million worth of company stock he owned.
It's every professional's nightmare: You're working in a great job for a well-regarded employer, then the company -- seemingly overnight -- suffers a crisis and is bought out or goes belly-up. Your career, which seemed golden just a few days ago, suddenly looks to be in jeopardy. And the pressure's all the worse if your savings were heavily invested in your employer's now-much-devalued stock.
While there is little enthusiasm for government bailouts in general, voters are increasingly demanding immediate government relief as the economy ebbs
The federal government is keeping Bear Stearns out of bankruptcy. Are you next?
Key senators are asking questions about the recent pennies-on-the-dollar sale of investment firm Bear Stearns to JPMorgan Chase.
Key senators are asking questions about the recent pennies-on-the-dollar sale of investment firm Bear Stearns to JPMorgan Chase, a transaction made possible after the Federal Reserve backed it with billions in taxpayer dollars.
It looks like the Federal Reserve has opened up a can of worms.
Stocks gained Monday afternoon after news that JP Morgan Chase is boosting its bid for Bear Stearns reassured investors, helping to extend the recent rally.
Seeking to calm angry shareholders and employees, JPMorgan Chase quintupled its offer for Bear Stearns Cos. to roughly $10 a share Monday.
Can Bear Stearns shareholders do even better? Hopes may be running high after Joseph Lewis, a major Bear Stearns shareholder, has squeezed a higher offer out of JPMorgan Chase.
U.S. stock futures moved higher early Monday as investors returned from the long weekend and eyed the possibility of a higher bid for Wall Street firm Bear Stearns.
Congratulations. You just bought Bear Stearns. You, me and all taxpayers.
The campus-recruiting page on the Bear Stearns corporate Web site says, in part, "If you're really good at what you do, you probably have a lot of choices when it comes to [starting] your career."
Stocks looked for a lower open early Thursday as oil prices dropped below the $100 a barrel mark and claims for unemployment came in higher than expected.
The spiking share price of cash-strapped investment bank Bear Stearns suggests savvy traders are wagering that JPMorgan Chase is going to have to increase its lowly $2-a-share bid.
There's already been a wave of layoffs on Wall Street this year, and the Bear Stearns buyout could trigger another round of pink slips.
One painful lesson of the Bear Stearns meltdown is that even firms that are deemed too big to fail can leave their shareholders feeling wiped out.
Stocks cut losses and the Dow managed to end higher Monday, at the end of a tough session in which investors tried to put in perspective Bear Stearns' fire sale and emergency moves by the Federal Reserve.
It started last summer when borrowers with weak credit started defaulting on their mortgages. Last night, it brought down an 85-year-old pillar of Wall Street.
Treasury prices rallied Monday on concerns that the sale of Bear Stearns Cos. to JPMorgan Chase & Co. may be followed by further unraveling in the financial system.
U.S. stocks were down, but off their lows, as JPMorgan Chase shares rallied on the low price it paid to buy out troubled Bear Stearns.
Stocks looked set for a miserable start Monday as the distressed sale of Bear Stearns for only a fraction of its recent value and emergency action by the Federal Reserve deepened fears about the health of the financial sector.
Bear Stearns isn't out of the woods yet.
Stocks tumbled Friday after news that Bear Stearns needs emergency funding due to a liquidity crisis intensified fears that the credit crunch is spreading.
Battered Wall Street brokerage Bear Stearns said Friday that it is receiving short-term emergency funding to prevent its collapse.
Stocks tumbled Friday morning after news that Bear Stearns had taken emergency funding exacerbated fears that the Wall Street firm is in a liquidity crisis.
U.S. stocks turned sharply lower after Friday's open as investors worried about Bear Stearns' need for funding help from JPMorgan Chase and the Federal Reserve Bank of New York.
Bear Stearns announced Tuesday that its chief executive James Cayne has relinquished his duties, handing over reins to investment banker Alan Schwartz effective immediately, ushering in a new era for the struggling bank.
Stocks rose Tuesday morning as investors welcomed news of executive changes at Bear Stearns and Starbucks, but gains were limited by cautionary words from a Federal Reserve official about the outlook for interest rates.
Stocks inched higher Thursday as strength in the technology sector added some stability to an otherwise rocky session plagued by troubling news from Bear Stearns and bond insurer MBIA.
John Mack isn't getting one this year. Neither is James Cayne.
Stocks rebounded in a low volume session Thursday afternoon as credit concerns, brought about by troubling news from Bear Stearns and MBIA, offset more encouraging news from Oracle and Nike.
Bear Stearns swung to its first quarterly loss ever Thursday and said it was taking a $1.9 billion writedown due to bad bets made on risky home loans, becoming the latest Wall Street firm to deliver disappointing quarterly results.
Several top Wall Street firm face a New York State probe into whether their packaging and selling of debt tied to high-risk mortgages violated the law, according to a published report.
Bear Stearns Cos. will cut 650 positions, or about 4 percent of its work force, in further attempts to reduce costs at the battered investment bank
Bear Stearns' chief financial officer said Wednesday that he expected the company to take a $1.2 billion writedown and post a loss in the current quarter to reflect the value of its subprime holdings.
The U.S. attorney in Brooklyn is investigating the collapse of two mortgage-related Bear Stearns hedge funds whose failure this summer cost investors an estimated $1.6 billion, according to a published report.
Bear Stearns executives said Thursday they remained optimistic about their business going forward even as this summer's credit crisis continues to run its course.
U.S. stocks were set to trade higher at Thursday's open, with investors awaiting a slew of economic readings and interested in talk concerning troubled Wall Street bank Bear Stearns.
Stocks struggled higher Thursday morning as investors mulled a big drop in new home sales, a weak read on GDP growth, rising oil prices and some negative corporate news.
Stocks were mixed Thursday morning as a big drop in new home sales vied with continued enthusiasm about the prospect of Bear Stearns selling a minority stake in the company.
Stocks rose Wednesday after General Motors and its workers' union reached a deal that ended a two-day strike - and reports said that Bear Stearns is talking with Warren Buffett and other investors about buying a stake in the company.
The stock rally got its second wind late Wednesday afternoon after new reports added credence to market talk that Bear Stearns is looking to sell a minority stake to another financial firm.
Bear Stearns' chief financial officer, attempting to restore confidence in the investment bank after a steep drop in quarterly profit, said Thursday he expects a return to more favorable conditions next year.
Stocks were mixed Thursday morning, as investors paused after a two-day rally, amid weaker earnings from Bear Stearns, a profit warning from FedEx and the start of the subprime mortgage lending hearing on Capitol Hill.
Stocks eased at the start of trading Thursday as concerns about the mortgage crisis and Bear Stearns' weak results weighed on investors.
A group of funds controlled by British billionaire Joseph Lewis have acquired a 7 percent stake in Bear Stearns Cos., according to a regulatory filing Monday with the Securities and Exchange Commission.
Shares of Research In Motion fell in premarket trading Tuesday after a Bear Stearns analyst cut his rating on the Blackberry maker, saying the stock is expensive.
Shares of Yahoo Inc. rose in early trading Tuesday after a Bear Stearns analyst named the search engine and Web portal operator a "top pick," saying strategic initiatives are likely to boost shares.
A federal judge denied Thursday Bear Stearns Cos. bankruptcy protection for two failed hedge funds it managed, but granted the investment bank 30 days to refile before investors can seize assets.
Wall Street bank Bear Stearns, which is building up its business outside of the United States, has appointed John Moore, co-head of fixed income for Europe, to be its chief executive for Asia.
Bear Stearns Cos. Inc.'s rivals are aggressively courting the investment bank's prime brokerage customers, telling them it's too risky to stay while the firm deals with fallout from the subprime mortgage crisis.
Investors are expected to hit hedge funds with a flood of redemption requests this fall, but those who try to withdraw their money may be in for an unpleasant surprise.
European shares closed virtually unchanged after a volatile session on Tuesday as concerns about the U.S. subprime mortgage crisis continued to haunt the market.
Job cuts have begun at Bear Stearns and that could mark the start of a broader wave of layoffs across Wall Street as firms survey the damage caused by the recent downturn in financial markets.
Bear Stearns President and co-Chief Operating Officer Warren Spector resigned on Sunday, becoming a casualty of a credit risk crisis at the investment bank.
U.S. stocks were poised to open higher Monday as deal news swirled overseas, oil prices fell, and a shakeup at Bear Stearns eased some investors' fears over the bank's exposure to the ongoing turmoil in the credit market.
Stocks seesawed before moving mostly lower Monday, as a $2 drop in the price of oil failed to cool residual credit market concerns, which sent stocks tumbling late last week.
Stocks turned mixed Monday, after an initial burst forward, as investors weighed a sharp decline in oil prices and concerns about credit markets that sent markets tumbling late last week.
U.S. stocks rallied at the start of trading Monday as investors cheered a sharp drop in oil and a management change at Bear Stearns.
Bear Stearns, whose shares slumped on Friday, is preparing to oust Warren Spector, one of its two presidents and its co-chief operating officer, the Wall Street Journal reported on Saturday.
Bear Stearns Cos. Inc., which has struggled with redemptions at three different hedge funds investing in repackaged debt, manages a fourth fund that invests in similar securities, but that fund appears safe, a source familiar with the fund said.
Wall Street ended another rollercoaster week with the Dow industrials plummeting about 280 points Friday amid continued credit market fears, sparked by Wall Street bank Bear Stearns.
Bear Stearns Cos. Friday said it is weathering the worst storm in financial markets in more than 20 years after a major rating company warned mortgage credit problems could hurt the investment bank's profits.
Wall Street ended another rollercoaster week with the Dow industrials plummeting about 280 points Friday amid credit market fears, sparked by Wall Street bank Bear Stearns.
Wall Street ended another rollercoaster week with the Dow industrials plummeting 280 points in the last moments of trade Friday amid credit market fears, sparked by Wall Street bank Bear Stearns.
The stock selloff accelerated Friday afternoon with the Dow industrials falling over 200 points in the wake of more negative news from Wall Street bank Bear Stearns and ongoing financial sector weakness.
Major gauges remained lower on Friday afternoon trade as a worrisome jobs report and weakness in the financial sector weighed on stocks.
The past five years were heady times for financial services companies as they lent money out at low interest rates to home buyers and corporations alike and watched profits soar.
Standard & Poor's changed its rating outlook of Bear Stearns Cos. on Friday to negative from stable, indicating there is a greater chance of a downgrade over the next two years.
A pair of troubling economic reports and a rating cut of Wall Street bank Bear Stearns helped send stocks lower Friday, although major gauges moved off their lows by midday.
Troubling readings from the labor market and the services sector sent the Dow industrials over 100 points lower Friday, while a rating cut of Wall Street bank Bear Stearns also pressured stocks.
Two Bear Stearns Cos. hedge funds heavily exposed to the flagging mortgage industry filed for bankruptcy protection two weeks after the company told investors one was essentially worthless and the other had lost more than 90 percent of its value
Stocks were poised to fall sharply Wednesday as the troubled subprime mortgage sector once again shook investors around the world.
Bear Stearns Cos. has been slapped with an arbitration claim for allegedly misleading investors about its exposure to subprime mortgages, a lawyer for an investor said Wednesday.
A Bear Stearns' hedge fund with about $900 million in mortgage investments is reportedly facing huge losses and is refusing to return investors' money, according to a news report published online Tuesday.
Some aggrieved investors are turning to lawyers to pursue possible legal claims stemming from losses at two Bear Stearns hedge funds that were virtually wiped out from large, illiquid bets on risky mortgages.
The collapse of the subprime mortgage market has shown its ripples on Wall Street, but experts say it's not likely to spread too far across the average investor's portfolio. Nonetheless, trouble spots exist.
Financial markets have weathered the recent meltdown of two hedge funds at Bear Stearns but it's unclear what impact these sorts of blowups will have on the broader market when economic conditions shift, regulators told lawmakers Wednesday.
Bear Stearns is planning to increase the risk controls at its money management division following the blowup of two of its hedge funds, according to a report in the Wall Street Journal.
Bear Stearns may take until July 16 to let investors in two of its troubled hedge funds know how much money they've lost, according to a report in the Wall Street Journal.
Bear Stearns Friday replaced the head of its asset management business after two of the investment bank's hedge funds hit rock bottom by making bad bets on risky mortgages.
Bear Stearns does not plan to bail out the second of two struggling hedge funds - citing stabilizing markets - but the subprime loan woes that brought the funds down continue to rattle investors.
Persistent subprime mortgage sector concerns sent stocks lower for the third straight day Tuesday, even as oil prices fell by more than $1 a barrel.
The subprime mortgage troubles at two Bear Stearns hedge funds are being felt in the broader credit markets where investors are backing away from the risky deals that have helped fuel the explosion in corporate buyouts.
Bear Stearns may have to bail out a second troubled hedge fund that it manages, Merrill Lynch analyst Guy Moszkowski wrote Monday.
Stocks fell Monday for the second straight day, thwarting an early rally, as Wall Street continued to worry about hedge funds hit by big losses in troubled securities backed by subprime mortgages.
Worries about the subprime mortgage sector continued to trouble Wall Street as the Dow industrials finished lower Monday after sustaining a rally for most of the session.
After sustaining a rally for most of the session, stocks finished slightly lower Monday on fears that last week's Bear Stearns hedge fund fallout could have a wider impact than originally anticipated.
Bear Stearns Cos. Inc. said Friday it would provide up to $3.2 billion in financing for a struggling hedge fund it manages, raising concern about other funds that invested in bonds linked to subprime mortgages.
Merrill Lynch has seized about $800 million of assets from troubled hedge funds managed by Bear Stearns, throwing in doubt the chances that the funds will survive.
The fallout from problems at two Bear Stearns hedge funds that may be on the verge of collapse could roil the bond market and lead to a tightening of credit, analysts said Thursday.
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