Skip navigation
Watchlist Sponsored By :

Current DateTime: 04:13:54 05 Jul 2009
LinksList Documentid: 24355697
  • Collection of Michael Jackson

      Earlier this year, Jackson sought to auction his personal items. Although it never came through, here's a look at what was almost sold.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.

  • How Much For A T-Bone Steak?

      From the cost of a T-bone steak to a monthly phone bill, the price for everyday items can vary dramatically across the country.


Current DateTime: 04:13:54 05 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

Bear Stearns Says Worst Is Over After Writedown
By: Reuters | 14 Nov 2007 | 12:17 PM ET
Text Size

Bear Stearns expects to write down $1.2 billion of assets linked to mortgages in the fourth quarter, but the worst of the bank's mortgage writedowns is over, Bear's chief financial officer said.

The writedown will result in a quarterly loss, CFO Sam Molinaro told a banking conference.

CNBC.com Illustration

Investors were relieved the write-down was not bigger and sent Bear Stearns shares [BSC  Loading...      ()   ] higher.

The news also helped boost the overall stock market and pushed bond prices lower.

"We have another firm out today with writedowns, and people are getting comfortable with the view that this second round of writedowns may be the beginning of the bottom," said Owen Fitzpatrick, head of U.S. Equity Group at Deutsche Bank Private Wealth Management.

Bear Stearns has reduced its exposure to subprime mortgage bonds and repackaged mortgage bonds known as collateralized debt obligations, Molinaro said.

Bear Stearns is now positioned to profit if subprime mortgage bonds weaken further, but still has $884 million of exposure to collateralized debt obligations.

"This has been an incredibly challenging period," Molinaro said.

Tools:
Print EmailAdd This share icon


Current DateTime: 01:04:45 05 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:05:47 05 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 01:04:45 05 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:05:47 05 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters