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Business As Usual At Bear Stearns

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Bear Stearns lost a bunch of money ($854 million, $6.90/share) in the fourth quarter, and is being sued by Barclays for allegedly starting a hedge fund in 2006 in order to offload the risky assets in another of its hedge funds that'd it lost interest in making profitable. Bear CEO James Cayne, bless his heart, is said to "not care less" about either piece of news, though a speech writer for Wall Street's Favorite junkie came up with this line, "We are obviously upset with our 2007 results," and attributed it to the guy. As an aside, I would just like to say that that I was not kidding about that thing I mentioned yesterday:

Press Release [Bear Stearns]
Barclays sues Bear Stearns [Reuters]