Reuters reports that not all Bear Stearns hedge funds have had difficulty. According to the news agency, The Bear Stearns Emerging Markets Macro Fund was up 2.95% in December, taking it up 25.56% for 2007 as a whole.
Here's the edited press release issued by Bear Stearns Tuesday, which confirms that firm President Alan Schwartz, 57, is to succeed Jim Cayne as CEO. Cayne, 73, will remain firm chairman.
42-year-old Marc Howells is said to have lost his job as the $400,000 a-year head of Barclaycard's European operations over an offensive joke he is alleged to have cracked at a meeting of senior executives held to discuss the unit's quarterly figures.
It's wasn't long ago (October to be precise) when we passed the 50,000 mark. Now we have hit the big '60' - over 60,000 financial markets professionals are now signed up to receive our news e-mail alerts.
Several of our readers have commented recently that we don't seem to be publishing much good cheer. As we point out, we merely report the news, not make it. So, this story comes with a warning. If you don't want to be even more depressed about the prospects for the financial markets in 2008, don't read any further. Below are details of some of the stories that have made the news over the last 24 hours (and we did manage to find something good to report at the end).
The Financial Times reports that up to $6.5bn in CDOs face fresh downgrades by rating agency Standard & Poor's due to their exposure to US mortgage-backed securities. And Bloomberg reports that, according to Wachovia Corp. research, units of BlackRock, Deutsche Bank, Societe Generale and State Street 'are among the managers of CDOs deemed at risk of failing to repay their most-senior classes amid declining creditworthiness of mortgage-linked debt'.
The year so far has been characterized by a fear and loathing in the financial markets - fear that the job axe might fall, and loathing of those firms which are paying out decent bonuses.
The death of hedge fund manager Seth Tobias, who passed away last September and was originally thought to have drowned following a heart attack when in his swimming pool, is back in the news again. Both Dealbreaker and Wall Street Folly have highlighted the latest on this story, which becomes more like a soap opera with every twist and turn.
Here Is The City will soon launch 'Right-Sized Me - A Blog For Redundant Bankers'. The blog will provide a forum for redundant bankers to share their redundancy experiences, express their views of the support they received from their employers, outplacement firm and recruitment consultants, and to talk about the issues they face in a difficult market. The blog will also enable bankers to discuss how they are going about rebuilding their networks and to share best practice.