Buffett Said to Consider Bear Stake |
| New York Times - Sep 27, 2007 |
Bear Stearns, its shares and reputation beaten down after the collapse of two hedge funds, has held talks with several investors, including Warren E. Buffett, concerning a possible sale of as much as 20 percent of the firm, people briefed on the discussions said yesterday.
Other interested investors include the Bank of America, Wachovia and two Chinese institutions — the Citic Group and the China Construction Bank, these people said.
Such expressions of interest could help bolster Bear and its chief executive, James E. Cayne, who has struggled to restore the firm’s reputation. Last week, Bear reported a 61 percent decline in third-quarter profit, the result of a disastrous quarter in which its mortgage trading unit suffered a blow because of this summer’s tight credit market.
Read Full Article from New York Times
- Posted: 2007-09-27 09:48:48
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