Thursday, Sep 20, 2007
These are figures taken largely before the main event too!
BBC: Bear Stearns hit by credit crisis - 61% fall in profits!
Bear Stearns' profits took a big hit from its exposure to sub-prime mortgages and the disruption to debt trading over the summer.
The US bank's profits between June and August fell 61% compared with the same period last year to $171.3m (£85.4m).
Posted by tyrellcorporation @ 02:32 PM (268 views) Add Comment
1 Comment
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1. alan said...
I think BS's reputation has suffered badly. It will get worse when the next lot of defaults come along.
Bear Stearns have repeatedly said "the crisis is over". Credit Suisse, however, think that there are several more big default waves to come, based on the bankers upping the mortgage rates on 450,000 stepped loans over the next 3 months.
You choose who you wish to believe....