But was it in the woods?
And could you hear it?
"Bear Stearns posts $859m loss; $1.9b write-down in quarter bigger than expected" by Associated Press | December 21, 2007
NEW YORK - Bear Stearns Cos. said yesterday a bigger-than-expected write-down in its mortgage portfolio caused the nation's fifth-largest US investment bank to post the first loss in its 84-year history.
Bear Stearns' fiscal fourth-quarter loss, and collapse of two hedge funds it managed during the summer, prompted chief executive Jimmy Cayne to pass on his 2007 bonus. Members of the company's executive committee also will not receive year-end bonuses.
Cayne, in a statement: "We are obviously upset with our 2007 results, particularly in light of the fact that weakness in fixed income more than offset strong and, in some areas, record-setting performance in other businesses."
At least that is somewhat decent of him.
Cayne is under pressure like other chief executives on Wall Street, as global banks have written off more than $100 billion in assets this year. Bear Stearns has undergone three waves of layoffs since two hedge funds it controlled collapsed during the summer."
Pffffffffffffttttttttttttt!
