Bear Stearns Makes $1 Billion Bet on Continued Subprime Woes

He then moved to hedge fund Odyssey Partners, then Bear Stearns. contrarian trades to make the most out of when the bubble burst. He took a $7.2 billion position in insurance on subprime bonds. In.

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 · Bringing Down Bear Stearns. On Monday, March 10, the rumor started: Bear Stearns was having liquidity problems. In fact, the maverick investment bank had around $18 billion in cash reserves. But soon the speculation created its own reality, and the race was on.

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Thus one chief executive, recounting his investment firm’s decision to spurn an offer of securities backed by subprime (low-quality) mortgages from Bear Stearns, a large investment bank.

"Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns," said Cox. Bear Stearns’ liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13.

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At one point an injection of $500m in new capital looked possible, with Bear itself offering to lend an additional $1.5 billion. But the plan fell apart.

Matthew Paschke, who manages the $165 million Grizzly Short Fund at the Leuthold Group, said short sellers like him have become scapegoats for the financial crisis that’s wiped out $20 trillion from.

In addition, Bear Stearns was carrying more than $28 billion in ‘level 3’ assets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion. This $11.1 billion supported $395 billion in assets , [9] which means a leverage ratio of 35.6 to 1.

 · The thought of such a bet now angers Cayne, who is the firm’s largest individual shareholder with a stake that at the stock’s peak was $1.2 billion. Advertisement Continue reading the.

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Bear Stearns, which has the most exposure to the mortgage market among Wall Street banks, said second-quarter earnings sank 10 per cent to $486m, or $3.40 per share, excluding a one-time charge.