Bear Stearns Makes $1 Billion Bet on Continued Subprime Woes

Almost exactly ten years ago, the federal government rescued Bear Stearns, a large wall street investment bank that was sinking under the weight of its subprime mortgage holdings. A recent article.

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Bear Stearns Makes $1 Billion Bet on Continued Subprime Woes Bear Stearns Allegedly Offers $3.2 Billion to Avert Fire sale paul jackson is the former publisher and CEO at HousingWire.

Chanos, for one, is tired of the blame-the-shorts litany, and he recalls a conversation with Bear Stearns’ Schwartz to make his point. he made more than $1 billion on that bet. It’s as though he’d.

‘No value left,’ Bear Stearns tells fund investors Bear Stearns Cos. told investors in its two failed hedge funds that they will get little if any money back after "unprecedented declines" in the.

In this excerpt from his upcoming book "House of Cards: A Tale of Hubris and Wretched Excess on Wall Street," William Cohan, looks back to the spring of 2007 when Bear Stearns traders Ray Cioffi and Matthew Tannin lost roughly $1.6 billion while allegedly misleading investors.

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Bear Stearns, which has the most exposure to the mortgage market among Wall Street banks, said second-quarter earnings sank 10 per cent to $486m, or $3.40 per share, excluding a one-time charge.

Perry Capital shorted $3 billion in subprime securities, a bet that yielded $1 billion last year. She is the sister of James Cayne, the former Bear Stearns CEO who became the face of the subprime.

Big ShortBesides the $2 trillion for the Term Asset-Backed Lending Facility (TALF) and the Public-Private investment program (ppip), the Fed will also provide a multi-billion dollar backstop for the FDIC as.

In addition, Bear Stearns was carrying more than $28 billion in ‘level 3’ assets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion. This $11.1 billion supported $395 billion in assets, which means a leverage ratio of 35.6 to 1.

"Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns," said Cox. Bear Stearns’ liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13.