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July 24, 2008 8:57:13 AM CDT

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Battered Bear Tries to Act Bullish

Posted Aug 4, 07 2:06 PM CDT in US,  Business 

(Newser) – The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond funds.

In a conference call with investors, senior executives at the company said it was pulling back from existing positions that look risky, in addition to focusing on loans with longer maturities. The company, which has been battered by the slumping housing and subprime mortgage markets, needs to assure Wall Street of its strength and resilience without appearing desperate.

Source Wall Street Journal

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Albert Young looks at his handheld device from the floor of the New York Stock Exchange, Wednesday, Aug. 1, 2007, in New York. Wall Street stumbled in search of a direction Wednesday as investors grappled...   (Associated Press)
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The logo for Bear Stearns is shown at its corporate headquarters in New York, Wednesday, July 18, 2007. Stocks retreated Wednesday after Bear Stearns Cos. told investors there was little value left in...   (Associated Press)
People enter Bear Stearns corporate headquarters in New York, Wednesday, July 18, 2007. Stocks retreated Wednesday after Bear Stearns Cos. told investors there was little value left in two failed hedge...   (Associated Press)
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Louis Spina of Van der Moolen Specialists watches his monitor late on a down trading day at the New York Stock Exchange, Wednesday, July 18, 2007. Stocks retreated as investors reacted uneasily to Federal...   (Associated Press)
Traders on the floor of the New York Stock Exchange watch their monitors late on a down trading day, Wednesday, July 18, 2007. Stocks retreated as investors reacted uneasily to Federal Reserve Chairman...   (Associated Press)
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subprime mortgages  • housing market  • Wall Street  • Bear Stearns  • hedge fund  • Lehman Brothers  • loans  • bonds  • corporate credit  • Warren Spector



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