CEO James Cayne has been the chief executive officer of The Bear Stearns Cos since 2001. He is 71 years old. Follow Mr. Cayne and The Bear Stearns Cos in the news and blogs or share your own opinion about the company and its leadership.
NEW YORK (Reuters) - Prosecutors will not be allowed to suggest to a jury in the trial of two former Bear Stearns hedge fund managers that they believe one defendant tried to hide certain email evidence, a U.S. judge ruled on Thursday. In a sometimes heated pre-trial conference before the jury is selected next Tuesday, the judge also ruled that defense lawyers may not tell the jury that the contents of defendant Matthew Tannin's gmail account were voluntarily turned over. "We are going to... Read Full Story
Wells Fargo & Co. says its third-quarter profit nearly doubled from a year ago although it joins other big U.S. banks in reporting higher loan losses. The nation's fourth-largest bank says it earned $3.2 billion, or 56 cents per share, in the period ended Sept. 30. Analysts, on average, were expecting earnings of 37 cents per share. The San Francisco-based bank says losses from bad loans climbed to $5.1 billion. Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. have all reported... Read Full Story
US Bancorp says its third-quarter profit rose 4.7 percent as interest income and its fee revenue rose. But it says its bad loans rose too. Stress in residential home construction and related industries drove the number of bad loans up 9.3 percent just since the end of June. The Minneapolis-based bank earned $583 million, or 30 cents per share, on revenue of $4.25 billion in the three months ended Sept. 30. Analysts surveyed by Thomson Reuters were expecting a profit of 27 cents per share on... Read Full Story
Google Inc. posted third-quarter results Thursday indicating the Internet advertising market is bouncing back after being knocked down by the recession. The figures were highlighted by a $1.64 billion profit, the most money the 11-year-old company has made during any three-month period. Google earned $1.29 billion at the same time last year. Revenue for the three months ending in September climbed 7 percent to $5.94 billion. That's the Internet search leader's fastest growth rate so far this... Read Full Story
Health insurer UnitedHealth Group Inc. says results at its government and services businesses were strong in the third quarter, and its profit rose 13 percent to top Wall Street estimates. The Minnetonka, Minn., company, says it earned $1.04 billion, or 89 cents per share, compared with $920 million, or 75 cents per share, a year ago. Revenue rose 8 percent to $21.7 billion. Thomson Reuters says analysts expected 76 cents per share $21.56 billion in revenue. UnitedHealth, the largest U.S... Read Full Story
The fall of Bear Stearns Bearing all A new book analyses how the near-collapse of Bear Stearns, exactly a year ago, marked the moment when Wall Street was knocked to its senses THE bankruptcy of Lehman Brothers in September 2008 will probably go down as the single most spectacular event in the humbling of Wall Street. But it was the near-collapse of Bear Stearns, six months earlier, that first exposed the fragility of America’s seemingly mighty investment banks, perched atop mountains of... Read Full Story
Specialty drug and medical device maker Baxter International Inc. says its profit grew 12 percent in the second quarter despite unfavorable currency exchange rates that held back its sales. The Deerfield, Ill., company says sales of drugs, surgical products and medical equipment all improved. Its profit grew 12 percent to $530 million, or 87 cents per share, from $472 million, or 74 cents per share, a year ago. Excluding one-time charges, profit grew to 98 cents per share from 88 cents per... Read Full Story
NEW YORK (Reuters) - Two former Bear Stearns Cos fund managers facing trial on fraud charges urged a U.S. judge to block the government from introducing evidence suggesting they caused their trading notebooks to disappear. Ralph Cioffi and former colleague Matthew Tannin are accused by U.S. prosecutors of multiple counts of fraud for misleading investors about the health of two Bear hedge funds that failed in 2007, costing investors roughly $1.4 billion. The funds' failure was an early... Read Full Story
NEW YORK (Reuters) - A former Bear Stearns Cos hedge fund manager facing an insider trading charge routinely ignored warnings of potential conflicts of interest, and was rebuffed when he tried to pledge some money toward a loan to build a luxury Florida condominium, prosecutors said. The government revealed the new allegations against Ralph Cioffi in an August 18 letter to U.S. District Judge Frederic Block in the borough of Brooklyn, New York. Block is overseeing a federal criminal case... Read Full Story
Hormel Foods, maker of Spam, Dinty Moore stews and Chi-Chi's Mexican products, said Thursday that its third-quarter profit rose 49 percent as costs fell. The Austin, Minn.-based company says it earned $77.2 million, or 57 cents per share, in the three months ending July 26. That's up from earnings of $51.9 million, or 38 cents per share, a year earlier. Analysts polled by Thomson Reuters had predicted 52 cents per share in profit. Hormel said its net interest and investment income was... Read Full Story
