Bear Stearns is seeing money return to the financial markets as fear created by this summer's credit crunch begins to ease, the firm's president said Thursday.
"You can just see the tension in the market ease," said President Alan Schwartz, of market reaction to the U.S. Federal Reserve lowering the benchmark federal funds rate by a half-percentage point in September.
Wall Street's No. 5 brokerage by market value, which has had a tumultuous summer with the collapse of two hedge funds and the ouster of co-president Warren Spector, now sees opportunities in restructuring assets hit by the credit turmoil.
"Right now the anticipation in the market is for things to ease, which is taking some of the fear out of the market and letting things flow a little bit better," Schwartz added, speaking at a presentation for investors.