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Bear Stearns and Debt Market Revival
By Petra Amelia on October 10th, 2007
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Loading ...Bear Stearns said it accumulated most of its losses last quarter, when the company, which is based in New York, had its biggest earnings decline in a decade because hedging models failed. The company, whose shares are down 22 percent this year, is avoiding “big directional bets” and will make risk management a priority over growth, Schwartz said. The collapse of two hedge funds, which bet on mortgages and lost $1.6 billion of clients’ money, triggered the market troubles when investors fled the riskiest debt. “I’m confident that Bear Stearns will weather the storm and come out a stronger, more diversified and a greater organization,” the chief executive, James Cayne, said at the conference.
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