Wednesday, November 14, 2007

Bear Stearns: $1.2 Billion Writedown

by Bill McBride on 11/14/2007 09:00:00 AM

CountryWide Commercial Real Estate Loan Pipeline Click on photo for larger image.

Headlines on Bear Stearns (hat tip Brian).

"Goal is to keep the franchise intact", Bear Stearns, Nov, 14, 2007

From AP: Bear Stearns to Take $1.2 Billion Credit Writedown, Post Loss in the Fourth Quarter

Investment bank Bear Stearns Cos. will take a $1.2 billion writedown in the fourth quarter related to its credit portfolios, Chief Financial Officer Samuel Molinaro Jr. said Wednesday.
Molinaro said the writedown will lead the company to post a loss during its fiscal fourth quarter, which ends Nov. 30.

Molinaro, presenting at the Merrill Lynch Banking and Finance Conference in New York, said Bear Stearns latest round of writedowns should "suffice" in accurately valuing products such as subprime mortgages and collateralized debt obligations
.