Bear Sterns tells its sub-prime story

Bear Sterns announced it will write down the value of $1.2 billion in investments related to the sub-prime mortgages in Q4.

Bear Sterns announced it will write down the value of $1.2 billion in assets - related to sub-prime mortgages - in Q4. This has led to renewed criticism of Bear Sterns CEO James Cayne, who, Portfolio.com reminds, allegedly “spent nearly half of July, when credit markets were seizing up, playing golf and bridge.”

The Wall Street Journal, which initially broke the story that alleged Cayne's absence during the sub-prime crisis (which Cayne has refuted), talks about (sub req'd) how the posting of handicaps online can help investigative reporters and investors determine how much time CEOs are spending on the links.

Also:

Marvel Comics will begin offering fans online subscriptions to follow their favorite comic book serials.

Gov. Eliot Spitzer (D-NY) has dropped his plan to make drivers' licenses available to illegal immigrants. The plan was overwhelmingly opposed by New York residents.

Huffington Post reports that NBC News won the ratings war in the week after Brian Williams hosted Saturday Night Live. However, ABC's and CBS' national newscasts also experienced an increase in viewers.

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