Bear Stearns taking $1.2B write-down, says worst is over

Investment bank Bear Stearns (BSC) will take a $1.2 billion write-down in the fourth quarter related to weakness in its credit portfolios, Chief Financial Officer Samuel Molinaro Jr. said Wednesday, adding that the worst of its mortgage write-downs are behind it.

Molinaro said the $1.2 billion write-down will lead the company to post a loss during its fiscal fourth quarter, which ends Nov. 30.

Molinaro, presenting at the Merrill Lynch Banking and Finance Conference in New York, said Bear Stearns latest round of write-downs should "suffice" in accurately valuing products such as subprime mortgages and collateralized debt obligations. The $1.2 billion write-down is net of any hedging gains, Molinaro added.

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- Posted: 2007-11-14 10:12:01

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