Bear Stearns Reports First-Ever Quarterly Loss, Top Execs to Skip Bonuses

Investment bank Bear Stearns has reported its first-ever quarterly loss. The loss of about $854 million over the fourth quarter of 2006 exceeded fears about how badly the bank’s investments in subprime mortgages would affect it, according to The New York Times.

The Wall Street Journal on Wednesday reported that top executives at Bear Stearns would skip year-end bonuses for themselves.

Bear Stearns Reports First-Ever Quarterly Loss, Top Execs to Skip Bonuses