April 15, 2008 – 11:09 am

2008-15-04: By our definition of imploded, Bear Stearns once folded into the mold of JP Morgan no longer exist. But the hobbled investment bank’s legal and regulatory woes linger, and like the chicken with no head an unthinking body continues performing now meaningless, familiar tasks. So it was that today Bear Stearns reported the abysmal results for the first quarter that ended just two weeks before it’s liquidity crisis, forced sale to JPMorgan Chase & Co. That sale is expected to be completed June. In the mean time

The company posted a profit of $110 million, or 86 cents per share, down from $548 million, or $3.82 per share, a year earlier. Revenue fell to $1.48 billion from $2.48 billion a year ago.

There was no mention of subprime mortgage related write downs of future outlook.


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