September 9, 2005 |
Calpine Corp. said Thursday that it had set up an energy marketing and trading venture with investment firm Bear Stearns Cos., a key part of the independent power producer's plan to slash debt and strengthen its operations. CalBear Energy, based in Houston, will use capital from Bear Stearns and about 200 Calpine traders, the companies said. Bear Stearns, which will provide about 15 executives and risk managers, didn't say how much it would invest.
June 23, 2005 |
Wall Street brokerage Bear Stearns Cos. said Wednesday that it faced a possible Securities and Exchange Commission enforcement action and fine over improper mutual fund trading. The SEC has authorized its staff to bring an enforcement action against the company and its Bear Stearns Securities Corp. unit, the company said in an SEC filing. Bear Stearns said the action could lead to the repayment of ill-gotten gains, civil monetary penalties or other sanctions.
December 22, 2004 |
Bear Stearns Cos. said its fiscal fourth-quarter profit rose 22%, helped by the sale of a stake in a women's clothing chain and an increase in bond trading. The No. 6 U.S. securities firm earned $352.6 million, or $2.61 a share, in the quarter ended Nov. 30, up from $288 million, or $2.19, a year earlier. Revenue jumped 20% to $1.83 billion. Bear Stearns was expected to earn $291 million, or $2.14 a share, based on the average estimate of 15 analysts surveyed by Thomson First Call.
November 11, 2004 |
An Alabama judge Wednesday allowed a jury to hear that Bear Stearns Cos. settled claims by state securities regulators who accused the firm of issuing tainted analyst research. Alabama Securities Commissioner Joe Borg was permitted to testify about the August 2003 settlement at the trial of a lawsuit by a state pension fund that sued Bear Stearns over bonds backed by WorldCom Inc.
October 12, 2004 |
Bear Stearns Cos. is examining whether executives in its brokerage unit approved improper mutual fund trades, company records show. The New York-based firm is checking e-mails from 109 employees as it seeks details of trades to determine whether high-ranking executives approved transactions that diluted the returns of long-term fund investors, records show.
June 17, 2004 |
Bear Stearns Cos. said Wednesday that it could face a suit from the Securities and Exchange Commission because of links to improper mutual fund trading. Bear Stearns said the SEC told the company that the agency may pursue enforcement action. The SEC has been probing whether the New York-based company helped Canary Capital Partners and other firms make illegal trades, people familiar with the matter have said.
March 23, 2004 |
Bear Stearns Cos. has been sued on behalf of seven defunct insurance companies for purportedly helping convicted financier Martin Frankel steal more than $200 million, court papers show. The lawsuit, filed Friday by five state insurance commissioners with the U.S. District Court in Manhattan, calls for Bear Stearns to make restitution, which could be used to pay back creditors and policyholders. It also seeks treble damages and punitive damages.
September 27, 2003 |
Bear Stearns Cos. Chairman James Cayne is getting $117 million in company stock as deferred compensation, with most of the distribution earned from a single bonus in 1993. The New York-based investment bank also will distribute a total of $210 million in shares to three other executives: Executive Committee Chairman Alan "Ace" Greenberg and the firm's co-presidents, Warren Spector and Alan Schwartz, Securities and Exchange Commission filings show.
December 19, 2002 |
Bear Stearns Cos.' fourth-quarter earnings rose 23% as income from packaging home mortgages into securities led to the firm's most profitable year since going public in 1984. The sixth-largest U.S. securities firm by capital earned $190.5 million, or $1.36 a share. Bear Stearns shares rose 60 cents to $62.45 on the New York Stock Exchange.
June 20, 2002 |
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.