Bear Stearns Looks To China As Crisis Rolls On – David Wighton and Francesco Guerrera

From Financial Times:

Jimmy Cayne, the chief executive of Bear Stearns , is planning to travel to China in the next few weeks amid speculation about a possible joint venture with Citic, the state-owned financial conglomerate. News of the plan comes as Mr Cayne seeks to head off a crisis of confidence in the bank whose co-president, Warren Spector, was ousted on Sunday.

Bear has sent letters to clients reassuring them it has “ample liquidity” to support its businesses in spite of the fallout from the collapse of two mortgage hedge funds it managed. One senior Wall Street banker said Bear might need to line up new long-term funding to calm counter-parties and lenders. “A strategic stake by a partner with deep pockets would be even better,” he said. [Full Text]

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