Bear Stearns

By Megan Murphy, Justin Baer, Francesco Guerrera, Patrick Jenkins, Jeremy Grant, Martin Arnold and Sam Jones

By Katherine Burton

Oct. 17 (Bloomberg) -- Andrew Lahde, the hedge-fund manager who quit after posting an 870 percent gain last year, said farewell to clients in a letter that thanks stupid traders for making him rich and ends with a plea to legalize marijuana.

16th September 2008, on Yahoo Finance...

http://biz.yahoo.com/ap/080915/wall_street.html

Stocks retreat amid new Wall Street landscape
Monday September 15, 11:51 am ET
By Tim Paradis, AP Business Writer
Stocks fall but pare steepest losses after Lehman bankruptcy, Merrill sale; AIG remains worry

NEW YORK (Reuters) - Two Bear Stearns Cos. hedge funds that invested heavily in securities backed by subprime mortgage loans are close to being shut down as a rescue plan is falling apart, The Wall Street Journal Online reported on Wednesday.

Merrill Lynch & Co., one of the hedge funds' lenders, will move to seize collateral from the two funds and sell it, the Journal reported, citing unspecified documents.

Neither Merrill nor Bear Stearns were immediately available to comment on the report.

In the highly unlikely event that Goldman Sachs loses $500m in its fourth quarter, which closes this week, it is sobering to think that it would still make record profits this year. Despite mediocre market conditions, a mild slowdown in the fixed-income markets, and the failure of the equities and merger and acquisitions businesses to recover, Goldman Sachs made more money in the first nine months than in any previous year.