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Bear Stearns stands firm in face of trouble

By Ben White and David Wighton

Published: June 27 2007 03:00 | Last updated: June 27 2007 = 03:00

When Federal regulators implored James Cayne, Bear Stearns chief = executive,=20 to participate in a bail-out of Long Term Capital Management in 1998, he = declined, even though Bear served as the collapsing hedge fund's prime=20 broker.

Given that history, analysts say the anger now coursing through Wall = Street=20 about how Bear has handled the near-collapse of two of its proprietary = hedge=20 funds may be somewhat misplaced.

Dire warnings about the long-term impact on Bear's reputation - and = its=20 prospect as a takeover candidate - may also be wide of the mark.

According to this theory, Bear has long made it clear that it is not = in the=20 business of exposing itself to large amounts of risk and has little = appetite for=20 participating in big bail-outs.So why should things be different now? = And how=20 could Bear's already stingy reputation for not bailing out big banks and = sophisticated investors when they get in trouble really get much = worse?

With equity capital of just $13bn, Bear is hardly in position to = offer the=20 kind of full-scale rescue that a larger bank might consider.

Thus far, Bear has only agreed to make a $3.2bn secured loan to the = less=20 levered of the funds, which the bank says is more than collateralised by = assets=20 held by the funds. People close to the situation say Bear may wind up = having to=20 put up just $1.6bn.

"They can't afford abail-out and there is no legal reason that they = have to=20 offer one," said Richard Bove, analyst at Punk, Ziegel. "They don't own = the=20 funds and they don't have obligations to people who loaned money to the=20 funds."

However, Mr Bove and other analysts noted that Bear's asset = management=20 business, one of its main growth engines, will take a reputational = hit.

Bear did not return calls seeking comment.

Senior executives at other leading Wall Street banks that run hedge = funds,=20 including Goldman and JPMorgan Chase, say that one of the attractions of = their=20 funds is the implied commitment by the banks to stand by them in a = crisis.=20 "Investors know that they are backed by the financial muscle of a large=20 institution that has a big interest in safeguarding its reputation," = said one.=20 That said, a bail-out of this kind has no precedent.

A top executive at another leading Wall Street bank said: "Our = reputation is=20 very valuable to us. We would have acted rather differently to protect = it."

But some senior Wall Street figures say Bear is right not to step in = to=20 protect the leveraged fund.

"They have handled it badly but I don't think it creates too much of = an issue=20 for Bear Stearns Asset Management if they don't stand by the funds," = said one.=20 "It's still a great firm, which is well-managed."

He added that it would have been much more serious had Bear gone = ahead with=20 the initial public offering of Everquest, the vehicle Bear had planned = to use to=20 offload some of the riskier elements of the funds' holdings. "Bear is = lucky it=20 all blew up before the IPO."

In terms of Bear's reputation, executives at some other Wall Street = banks say=20 the real damage stems from Bear's role as prime broker for the = funds.

"What really incenses the creditors is seeing Bear as prime broker = standing=20 at the front of the queue making sure it is OK," said one senior banker. = Bear=20 has a relatively small asset management business but it is growing fast. = In the=20 second quarter, revenues soared eightfold to $184m, about 7 per cent of = the=20 group total, thanks largely to a jump in performance fees.

Assets under management were $60bn, up 25 per cent on last year, with = hedge=20 funds and other alternative assets accounting for $10.2bn, up 50 per = cent.

The slide in Bear's shares at least partly reflects investor concern = over the=20 future of the asset management business.

However, even the share price decline must be taken in context, = analysts=20 say.

The shares have fallen by about 19 per cent since January but are = still up=20 174 per cent over the past five years. While some analysts have = suggested that=20 Bear is now more vulnerable to a take-over, others say the chances of a = sale=20 have not increased.

The bank's earnings are not likely to suffer munch, according to = Roger=20 Freeman, analyst at Lehman Brothers.

If Bear really gets into trouble, and its shares slump, regulators = might not=20 be willing to let another bank magnify its own risk by taking on = Bear's.

In the end, says Michael Mayo, an analyst atDeutsche Bank, = Bear'slikelihood=20 as a takeovercandidate remains essentially the same as it was before the = recent=20 troubles began.

Background

Bear Stearns' troubles began in April when it told investors in its = HighGrade=20 Structured Credit Strategies Enhanced Leverage Fund of underperformance = on bad=20 subprime mortgage bets.

News that the fund was down 23 per cent for the year scared investors = in that=20 fund and a less leveraged sister fund, who began demanding money back -=20 troublesome, given the illiquid nature of the funds' holdings. The = squeeze led=20 to talks with creditors and Bear's decision to make a $3.2bn loan to = prop up the=20 less leveraged fund. The other fund is expected to be wound = down.

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