Stocks wavered Thursday after a dismal manufacturing reading and a slew of analyst downgrades.

Two former Bear Stearns managers have surrendered to face criminal charges linked to the collapse of a hedge fund that bet heavily into subprime mortgages before the market collapsed, federal authorities said.

Stocks declined Thursday, with the Dow dropping below the key 12000 mark, but were cushioned by AIG's advance.

JPMorgan’s top investment banking execs said yesterday that their acquisition of Bear Stearns was worth far more than what they paid, but that market turmoil is still taking a toll on investment-banking profits and may result in further layoffs, CNBC has learned.

Only a year ago, Wall Street reveled in an era of superlatives: record deals, record profit, record pay. But a mere 12 months later, nearly half of the profits that major banks reaped during that age of riches have vanished, the New York Times reported.

Last week, before Lehman Brothers said it faced a loss and needed to raise capital, then-CFO Erin Callan told CNBC that the capital-raising would give the company stability and help it move towards better days ahead.

Merrill Lynch Chief Executive John Thain Tuesday said he would like to see broker-dealer access to the Federal Reserve discount window continue longer term, though any increase of regulation must be appropriate for securities firms.

Lehman Brothers may find itself on more secure ground, but its poor showing in the second quarter has undermined confidence in banks and brokerages and left investors wondering what to believe about the state of the credit crisis.

Home prices in New York's Manhattan, which have been largely unscathed by the housing slump may start to come down as the credit crunch comes back to bite Wall Street bankers.

For eight months now hedge fund manager David Einhorn has been betting on Lehman Brothers being the next Wall Streeet giant to fall - and has not been quiet about it. The New York Times reports the reasons for his prediction and Lehman's reaction.

Bear Stearns shareholders OK'd JPMorgan's $2.2B buyout of the investment bank whose wagers on subprime mortgages made it the largest corporate casualty of the credit crisis.

Bear Stearns Chairman James Cayne told employees and shareholders he was "personally sorry" for the demise of the investment bank.

Alan "Ace" Greenberg, the former chief executive of Bear Stearns has sold his last remaining shares of the investment bank, according to a Securities and Exchange Commission filing on Wednesday.

Bear Stearns plans to turn over documents to securities regulators showing that financial giants like Goldman Sachs Group, Citadel Investment Group and Paulson & Co cut their exposure to the securities firm before its collapse, the Wall Street Journal reported on Wednesday.