Author: Elena Todorova
123jump.com
Last Update: 12:18 PM EDT August 06 2007
U.S. stock averages were volatile Monday, reflecting nervousness about credit markets and the impact of subprime mortgages on financial institutions. Bear Stearns, which has lost 35% of its stock market value in 2007, laid off Co-President Warren Spector, due to credit-market weakness and decreasing investor confidence at the second-biggest underwriter of securities tied to the slumping U.S. housing market. The board of the firm greed that 57-year-old Alan Schwartz will become sole president.
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