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Bear Stearns Co

BUSINESS
June 20, 2002 | Bloomberg News
Morgan Stanley's profit dropped 14% in the second quarter, hurt by a slump in energy trading. Earnings at Bear Stearns Cos. more than doubled, boosted by profit from its bond business. Net income at Morgan Stanley fell to $797 million, or 72 cents a share, matching analyst estimates. Bear Stearns' net income rose to $342.9 million, or $2.59 a share. Excluding a gain from an investment, profit was $203 million, or $1.55 a share, 35 cents better than estimates.
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BUSINESS
September 27, 2001 | Times Wire Services
Goldman Sachs Group Inc. and Bear Stearns Cos. posted steep quarterly profit declines as investment banking fees and trading revenues fell, and said the Sept. 11 terrorist attacks will dampen results in the near term. Goldman said its profit fell 43% to $468 million, or 87 cents a share, for its fiscal quarter ended Aug. 31, compared with the 81-cent average estimate of analysts polled by Thomson Financial/First Call. Net revenue tumbled 19% to $3.66 billion.
BUSINESS
August 3, 2001 | Associated Press
Bear Stearns Cos. has been ordered to pay $1 million in punitive damages to a pair of customers of A.R. Baron & Co., an arbitration panel has decided. The fine, reported by the Wall Street Journal on its Web site, was ordered after the panel decided that Bear Stearns "aided and abetted, with knowledge, a criminal and fraudulent enterprise." A.R.
BUSINESS
April 19, 2001 | Reuters
A federal judge cleared Bear Stearns Cos. of charges that the Wall Street firm assisted a now-bankrupt hedge fund in committing fraud that led investors to lose more than $400 million. "There are insufficient allegations that [Bear Stearns] knew of or assisted in the alleged fraud," U.S. District Judge Denise Cote said. The founder of the hedge fund, Michael Berger, has pleaded guilty to sending phony financial statements to investors overstating the performance of Manhattan Investment Fund Ltd.
BUSINESS
January 5, 2001
Lehman Bros. Holdings (ticker symbol: LEH) and Bear Stearns (BSC), two of the last independent U.S. investment banks, posted quarterly results Thursday that sailed past analysts' expectations, showing resilience in the face of recent stock market carnage. Revenue rose at both firms during a quarter that analysts expected to be tough for many Wall Street companies as stock markets dropped, stock offerings pulled back and the corporate bond market slumped. Bear Stearns said profit fell 6% to $195.
BUSINESS
October 10, 2000 | DARYL STRICKLAND, TIMES STAFF WRITER
Prometheus Real Estate Group Inc. said it has acquired the Cascades Apartments in Anaheim Hills from Bear Stearns Joint Venture for $41 million. Prometheus paid an average of $143,000 per apartment for the 292-unit property, one of the top prices per unit in Orange County this year. Despite strong job and population growth, builders are having a hard time keeping up with demand because land is too scarce and too costly to develop.
BUSINESS
September 15, 2000 | Bloomberg News
Bear Stearns Cos. said fiscal third-quarter net income fell 5.7% to $181.4 million, or $1.32 a share, because of a decline in investment banking that was partly offset by gains in its trading business. Bear Stearns, which has one of the biggest trade-clearing operations on Wall Street, said net revenue rose 6% to $1.3 billion, with stock trading and commissions generating $790 million, or more than half. Commissions earned by executing orders rose 9.
BUSINESS
August 9, 2000 | Reuters
Bear, Stearns Cos. said it paid $30 million to settle a lawsuit that claimed the securities company gave bad merger advice to a software company that later went bankrupt. The settlement comes 11 years after Bear Stearns advised California software company Daisy Systems Corp. in the takeover of a smaller rival. A Bear Stearns spokeswoman confirmed the settlement but gave no further details, other than to say Bear Stearns dropped a claim for $2.
BUSINESS
July 25, 2000 | Bridge News
Is Bear Stearns the next brokerage to go on the auction block? The Wall Street firm's shares (ticker symbol: BSC) jumped $3.44 to $49.75 on the New York Stock Exchange Monday after an analyst at rival Salomon Smith Barney said Bear's top executive may be open to a takeover. Guy Moszkowski, the Salomon analyst, said in a report that Bear CEO James Cayne has indicated he would consider the right offer.
BUSINESS
May 17, 2000 | Bloomberg News
Bear Stearns Cos. must pay Canadian investor Henryk de Kwiatkowski $111.5 million for failing to warn him of the risks of foreign currency speculation, a federal jury in New York ruled. De Kwiatkowski sued the New York investment bank in 1996, claiming that the firm's investment advisors, including managing director Albert Sabini, were negligent for allowing him to buy $6.5 billion worth of foreign currency futures in 1994.
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