贝尔斯登公布详细财务状况

贝尔斯登公布详细财务状况

译/王易见  

    根据今年第一季度该公司提交给证券交易委员会的文件，自11月末至今，贝尔斯登公司的资产已经缩水20%，股票和固定收入交易已经跌至2007交易水平的不到一半。

    由于按揭贷款市场的坏账和其获取资本的通道干涸，这家在美联储的撮合下被摩根大通接管的投资银行在上月盈利能力大为下降。市场上有谣言称这家投行资金即将枯竭，随着谣言四起，投资者不愿意再同贝尔斯登产生交易，或者向该公司注入资金。

    证券交易委员会的文件非常快捷的阐释了这家投行恶劣的状况，这种状况将对这家纽约投行的经营能力产生负面影响。它管理的资金在十一月30日至三月24的这个财季中，从460亿美元锐减为360亿美元。根据文件资料，自从2007财年末大量的经纪业务客户转移了他们的帐户到其他公司，客户保证金余额下降了23%至660亿美元。

    根据文件所述，极具挑战的市场环境和这家公司的特殊问题已经极大影响到其日常业务。

    贝尔斯登表示，它的贸易伙伴和客户正在锐减，可能被迫申请破产保护并实施财产清算，将其资产卖给摩根大通。在该投资银行股票价格为30美元的情况下，摩根大通将其2美元的收购价格提升至10美元。

    在摩根大通向贝尔斯登发出收购要约的日子里，贝尔斯登发布报告称其财务状况很健康。然而在三月的前十天里，紧张的投资者抛出了处于下滑的超过60%的股票。在过去的十二个月中，其股价最高甚至达到了159.36美元。

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Bear Stearns details financial condition

NEW YORK (AP) - Bear Stearns (NYSE:BSC) & Co.'s assets under management have shrunk 20 percent since the end of November, and stock and fixed income trading has plummeted to 'well less' than half of activity levels in 2007 and the first quarter of this year, the company said in documents filed with the Securities and Exchange Commission late Friday.

The investment bank, which is being taken over by JPMorgan Chase (NYSE:JPM PRH) (NYSE:JPM PRX) (NYSE:JPM PRK) (NYSE:JPM PRJ) (NYSE:JPT) (NYSE:JPM) & Co., with backing from the Federal Reserve, nearly collapsed last month after bad bets in the mortgage market dried up its access to capital and severely deteriorated its ability to generate earnings. With rumors leaking through the market that the bank was in danger of running out of money, investors did not want to trade with Bear Stearns or lend the company money.

The SEC filing details rapidly deteriorating conditions that have impaired the New York investment bank's ability to conduct business as it once had. Assets under management fell to $36 billion from $46 billion between the end of its fiscal year on Nov. 30 and March 24. A substantial number of its prime brokerage clients moved accounts to other firms and customer margin balances fell 23 percent to $66 billion since the end of its 2007 fiscal year, according to the filing.

'The extremely challenging market environment and the unique issues associated with the operating environment of the company have adversely affected the company's day-to-day business operations,' the company said in the filing.

Bear Stearns said it faces a rapid loss of trading partners and customers and may be forced to file for bankruptcy protection and liquidate its assets if the company's deal to sell itself to JPMorgan does not close. With the bank's stock trading at about $30, JPMorgan stepped in with a $2 per share offer that was later raised to $10.

In the days leading up to the offer from JPMorgan, Bear Stearns released statements suggesting the company's finances were sound. Still, nervous investors sold shares sending the stock down more than 60 percent the first 10 days in March. The shares traded as high as $159.36 apiece in the last 12 months.

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