Bear Stearns posts first loss in 84 years

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Bear Stearns posts first loss in 84 years

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12-22-2007, 08:36 AM

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Bear Stearns posts first loss in 84 years

Bear Stearns, the US investment bank, has reported a quarterly loss of $854 million, its first in the company’s 84-year history, as bets on risky sub-prime mortgages in the US went bad.Sub-prime lenders target people with poor or non-existent credit histories. Rising interest rates in the US resulted in a rise in the number of [...]

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