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.
September 27, 2001 |
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.
August 3, 2001 |
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.
April 19, 2001 |
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.
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.
October 10, 2000 |
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.
September 15, 2000 |
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.