Criminal charges against Bear Stearns managers

U.S. prosecutors are preparing to file criminal charges against managers of two Bear Stearns hedge funds whose collapse helped kick off the credit crisis last year, the Wall Street Journal reported on Monday, according to Reuters. For those who remember the day to day events of last year the subprime markets was failing before the …

IMF and Soros agree on $1 trillion of subprime losses

George Soros, the hedge fund legend and billionaire philanthropist, said on Wednesday the subprime mortgage crisis is likely to cause global losses of over $1 trillion. The International Monetary Fund (IMF) issued a similar guess, and Soros seems to agree with the assessment. What started out as an experiment in the United States certainly blew …

Subprime lines lead to global recession

Fallout from investments in the United States, subprime debt, and commercial paper has spread around the world. Some countries are feeling the impact as infection in the US has spread to the real economy around the world. Profits at Dutch-Belgian banking group Fortis halved in its fourth trading quarter after a worse-than-expected 1.5 billion (£1.15bn) …