No bonuses this year, either, at Bear Stearns (nyse: BSC - news - people ), Wall Street's fifth-biggest securities firm.
FORBES: Morgan Stanley's Mack Joins Wall Steet's Bonus Bereft
Good news is also seen by David Malpass, chief economist for Bear Stearns (nyse: BSC - news - people ).
And that's exactly what happened to Bear Stearns (nyse: BSC - news - people ) the week of March 10.
Despite the angry outcries of politicians, Bernanke's reasoning for preventing Bear's (nyse: BSC - news - people ) bankruptcy was powerful.
To pay for it, he dipped into margin accounts at Goldman and Bear Stearns (nyse: BSC - news - people ).
FORBES: When a hedge fund attacks a company, guess who wins twice?
Bear Stearns (nyse: BSC - news - people ) analyst Stephen Unger thinks the judge isn't buying IMS' free speech claim.
Bear Stearns (nyse: BSC - news - people ) is liquidating two of its hedge funds that had leveraged bets in collateralized debt securities.
Wolfe, 40, who has been at Bear Stearns (nyse: BSC - news - people ) eight years, has bagged a dozen--and at least one each year.
Fiscal first-quarter profits at four big investment banks--Lehman, Goldman, Bear Stearns Cos. (nyse: BSC - news - people ), and Morgan Stanley, were up 19% on average.
Meanwhile, Goldman Sachs Group (nyse: GS - news - people ) and Bear Stearns (nyse: BSC - news - people ) got into the act.
The BSC - which can adjudicate on complaints about TV and radio, but cannot impose sanctions against broadcasters - added it had also received a number of letters praising the series.
But unlike Bear Stearns (nyse: BSC - news - people ) at least, Galena had virtually no leverage, so it isn't forced to sell off assets in a fire sale environment.
The sudden and unforeseen collapse of Bear Stearns (nyse: BSC - news - people ) demonstrates how vulnerable investment banks can be when their customers refuse to do business with them.
Hintz added that Bear Stearns (nyse: BSC - news - people ) has always been an independent firm, making it hard for him to believe that it would suddenly change the corporate culture.
In June Saudi Arabia's Prince Mishaal bin Abdullah bin Turki al-Saud joined forces with Bear Stearns (nyse: BSC - news - people ) to create an asset management firm to guide wealthy Saudi families.
JPMorgan Chase (nyse: JPM - news - people ), which rescued Bear Stearns (nyse: BSC - news - people ) last month, is expected to report a 50% drop in earnings per share.
Investors in Bear Stearns (nyse: BSC - news - people ), including the billionaire (at least he once was) currency speculator Joe Lewis, and Citic Securities have been royally burned, providing a cautionary tale to any would-be angels.
Last week, SEC Chairman Christopher Cox told a Senate panel that the agency was not ignoring speculation that traders colluded to bring down Bear Stearns (nyse: BSC - news - people ) in a swift short-selling raid in mid-March.
JPMorgan Chase (nyse: JPM - news - people ) had been viewed as a possible buyer, but it is currently absorbing Bear Stearns (nyse: BSC - news - people ), putting a deal for WaMu off for the moment.
This week and next banks report second-quarter profits, hoping to show investors they've escaped the harm that a meltdown in the subprime mortgage sector has inflicted on Bear Stearns (nyse: BSC - news - people ) and others in the last few months.
In the options market, which last week predicted a precipitous decline for Bear Stearns (nyse: BSC - news - people ), Lehman puts (bets the underlying stock price will fall) were triple the number of calls (bets the stock will rise) traded Monday.
But other embattled chief executives, including James Cayne of Bear Stearns (nyse: BSC - news - people ) and Charles Prince of Citigroup (nyse: C - news - people ), have survived, for now, despite big shake-ups in their firms' bond trading divisions.
Bove speculated that the timing of Cruz's departure suggests there might be a sizeable write-off coming for the firm, reminiscent of the scenario that played out with Warren Spector's exit from Bear Stearns (nyse: BSC - news - people ) (See " Bear Claws Out Co-President").
In recent days, analysts who follow Wall Street banks have been slashing their estimates for first-quarter earnings, which for Goldman, Lehman, Morgan Stanley (nyse: MS - news - people ) and Bear Stearns (nyse: BSC - news - people ), include the months of December through February.
The "repricing" has sunk some of the smarter traders, including those running two now-defunct hedge funds at Bear Stearns (nyse: BSC - news - people ), as well as the traders running money at Goldman Sachs ' (nyse: GS - news - people ) Global Alpha fund and others.
The news comes as brokerage firms post mixed results, with Bear Stearns (nyse: BSC - news - people ) announcing Thursday that it came short Wall Street's expectations (See "Fixed Income Bowls Over Bear"), as did Morgan Stanley (nyse: MS - news - people ) on Wednesday (See "Morgan Stanley Can't Keep Up").
Its pretax margins average 27% over four years, compared to 25% for peers Bear Stearns (nyse: BSC - news - people ), Goldman Sachs (nyse: GS - news - people ), Merrill Lynch (nyse: MER - news - people ) and Morgan Stanley (nyse: MWD - news - people ).
Expected to testify: Paulson, Federal Reserve Chairman Ben Bernanke, U.S. Securities and Exchange Commission Chairman Chris Cox, New York Fed President Timothy Geithner, Bear Stearns (nyse: BSC - news - people ) President and Chief Executive Officer Alan Schwartz and JPMorgan Chase (nyse: JPM - news - people ) Chairman and CEO James Dimon.
Bear Stearns (nyse: BSC - news - people ), one of the five big Wall Street brokerages and among the biggest players in the once high-flying mortgage business, had to resort to a rescue Friday by the Federal Reserve, using JPMorgan Chase (nyse: JPM - news - people ) as its open door to the Fed's discount window.
These firms, including Merrill Lynch (nyse: MER - news - people ), Bear Stearns (nyse: BSC - news - people ), Lehman Brothers (nyse: LEH - news - people ), Morgan Stanley, as well as Goldman, believe they have a stake in the future of the exchange because they support much of the business that flows through it.
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