Investing
Bear Stearns Gets Off Quite Light In Latest Enron Settlement (BSC, LEH, UBS, CSR
Published:
Reuters is reporting that Bear Stearns (NYSE:BSC) is paying $1 Million as a settlement to Enron creditors to settle a lawsuit related to equity transactions. The agreement requires bankruptcy court approval.
In exchange for the $1 million, Enron’s creditors and Bear Stearns will withdraw other claims against each other. This article also notes that Credit Suisse (NYSE:CSR), Lehman Brothers (NYSE:LEH), and UBS (NYSE:UBS) have all previously entered into different settlements with creditors.
The good news here is that will not even be considered a road bump nor even a noticed line-item in the financials at Bear Stearns. The creditors probably spent more lawyer/hour fees than this to get that settlement. At least as as far as it pertains the troubled broker, it looks like on this front that Bear won’t have to pay for sins of the farther and farther past and can just worry about its current loan and derivative exposure.
Jon C. Ogg
October 29, 2007
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
