Bear Stearns

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Feds Sue JPMorgan Over Bear Stearns Shenanigans

Meanwhile, Morgan Stanley fined for Facebook IPO irregularities

(Newser) - JPMorgan is staring down a lawsuit over Bear Stearns' alleged mortgage-backed securities misconduct. The National Credit Union Administration, the federal regulator that oversees credit unions, has sued the big bank, alleging that Bear Stearns misled the credit unions it sold $3.6 billion in securities to, causing many to collapse,... More »

Bear Stearns Email Refers to Bonds as 'Sack of S***'

But the bank kept foisting them on investors, says lawsuit

(Newser) - Today's newly filed lawsuit accuses Bear Stearns—now owned by JPMorgan Chase—of knowingly pushing rotten mortgage securities onto investors before the financial meltdown. And how might federal prosecutors go about proving it? It won't hurt that they've got Bear Stearns emails referring to one deal as... More »

Jury Clears Fund Managers in Bellwether Case

Bear Sterns execs accused of fraud go free

(Newser) - Two Bear Stearns executives who ran hedge funds that collapsed after betting heavily on the shaky subprime mortgage market were acquitted today of lying to investors—a defeat in the government's bid to punish fraud exposed by the financial crisis. The closely watched case was the first one against Wall... More »

First Major Financial Crisis Trial Begins

Bear Stearns execs accused of lying as funds imploded

(Newser) - The first major criminal trial against top Wall Street execs involved in the financial crisis kicked off in New York yesterday. Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin are accused of misleading investors in a desperate attempt to stop them from abandoning the funds, even as they... More »

8 Days That Shook the Financial World

James Stewart on the week that Lehman failed, and meltdown loomed

(Newser) - James Stewart’s reconstruction of the 8 nail-biting days, a year ago, in which the federal government stepped in to stop the collapse of the world financial system—published in the New Yorker this week, just as Fed chief Ben Bernanke was declaring the recession officially over—makes riveting, tense... More »

Wall Street Lives, Dies by Overconfidence: Gladwell

(Newser) - Confidence is key to the banking game, but an overabundance of it seems to have made the industry’s titans so delusional they blundered into the financial crisis, Malcolm Gladwell writes in the New Yorker. “The roots of Wall Street’s crisis were not structural or cognitive so much... More »

Companies Hobbled by Fewer Wall St. Analysts

(Newser) - The turmoil on Wall Street has left fewer analysts covering companies of all sizes, the Journal reports, leaving smaller operations struggling to connect with investors. Since September, there have been more than 2,200 instances of analysts formally dropping coverage—nearly a quarter of all research. That plunge has been... More »

'I Save a Lot of People Money': Cramer to Stewart

(Newser) - Jim Cramer is once again on the defensive, as Jon Stewart seemingly can’t stop finding damning Mad Money clips, Gawker reports. Appearing on this morning's Today show, Cramer was subjected to a CNBC snippet that ran on the Daily Show last night, from January 2008, where the host literally... More »

Just How Bad Was 2008?

The worst anyone under 70 has seen, Bloomberg reports

(Newser) - If you're under the age of 70, 2008 was probably the worst year you've lived through, reports Bloomberg. Here's why:
  • In housing, which started the downturn, median resale prices saw a 13% decline, the largest since the 1930s.
  • Foreclosure rates reached 2.97%, and mortgage delinquency hit 6.99%, both
... More »

The Year in (Wiki) Questions

Month-by-month, WikiAnswers lists the top questions of 2008

(Newser) - Need a primer on 2008? TechCrunch runs down common questions from each month on WikiAnswers:
  • January: When was the last time snow fell in Baghdad?
  • February: Why did the Hollywood writers go on strike?
  • March: Why did Bear Stearns fail?
  • April: Which races has Danica Patrick won?
  • May: How successful
... More »

Big Players Reel in Charity Spending

Drop-off in corporate giving leaves groups scrambling

(Newser) - Charities used to getting much of their money from major corporations and private foundations are feeling the economic downturn, the Wall Street Journal reports. Bill Gates’ foundation plans to give fewer grants next year, and other large donors are honoring existing pledges but refusing to make new ones. “You... More »

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash... More »

Times Tough for I-Bankers, in 'Marie Antoinette' Kind of Way

Tough times prompt some soul searching, but titans confident they'll regain Wall St. primacy

(Newser) - With Wall Street in free fall, many of its elite I-bankers are seeing the status quo turned upside-down, Vanessa Grigoriadis writes in New York. Once at the top of the heap, working for companies that praised them as smartest people out there, some are fighting to survive on the Street,... More »

Execs Were Paid $3B to Lay Credit Crisis Foundation

Wall Street chieftains were well rewarded for risks they took in 2003-07

(Newser) - More than $3 billion was paid to the chief executives of the five biggest financial firms on Wall Street in the run-up to the credit crisis, Bloomberg reports. While supervising bad mortgage-related credit bets that eventually brought the financial system to its knees, Merrill Lynch’s Stanley O’Neal took... More »

For Buffett, Goldman Deal Was a Snap

But if Congress doesn't pass Treasury's bailout, he'll 'get killed'

(Newser) - Billionaire Warren Buffett has been getting a lot of calls lately from struggling Wall Street firms looking for a savior, from Bear Stearns to Lehman Brothers to AIG. He’s turned them all down, the Wall Street Journal reports, but when Goldman Sachs called Tuesday, the Oracle of Omaha ponied... More »

New Wall Street: Less Risk, Less Innovation, Lower Pay

Era of investment banks ends

(Newser) - When Goldman Sachs and Morgan Stanley ditched the investment banking model, it didn’t just mark the end of an era, it marked the end of Wall Street as we know it, the Wall Street Journal declares in an editorial today. And with investment banks gone, the US financial system... More »

After Meltdown, 'Safe Will Be the New Sexy': Cramer

'Good, clean, old-fashioned banking' is coming back in US markets

(Newser) - A new era has arrived on Wall Street, with the big investment firms falling, James Cramer writes in New York, and traditional banks with large deposit bases looking like the smartest option all along. “We’ll see a more chaste culture emerge from all of this, on Wall Street,... More »

Fed Allows Goldman, Morgan to Become Full Banks

(Newser) - Goldman Sachs and Morgan Stanley, the nation's last two major independent investment banks, have gotten permission to become bank holding companies, the Federal Reserve said tonight. A fundamental rearrangement of Wall Street, the move will allow them to create commercial banks, which would bolster their resources, while inviting increased regulation.... More »

How Much More Will Taxpayers Have to Pony Up?

The US has pledged some $320 billion in bailouts for struggling enterprises

(Newser) - More than $320 billion in taxpayer funding has already been pledged to treat firms sickened by the subprime contagion—more than twice the $124 billion the government spent fixing the savings and loan crisis in the 1980s, reports the Los Angeles Times. The question, writes Michael Hiltzik, is how much... More »

Her Golden Parachute Fine With McCain

'No analogy' between Fiorina's $45M from HP, subprime payouts

(Newser) - John McCain and Sarah Palin made a point yesterday of blasting CEOs who left their companies with multimillion-dollar golden parachutes while workers and shareholders suffered. But McCain’s top economic adviser deployed just such a shiny parachute when Hewlett-Packard ousted her, ABC News reports. Carly Fiorina pocketed $45 million, even... More »

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