Bear Stearns reports earnings tomorrow, but The Wall Street Journal reported today that senior executives at the firm will forego bonuses this year. The No. 5 U.S. securities firm is expected to report its first quarterly loss since going public in 1985, due largely to subprime losses. Bear Stearns hedge fund manager Ralph Cioffi, under investigation for withdrawing $2 million from his subprime mortgage-heavy fund a few months before it collapsed, left the firm. (Bloomberg)
of The Week magazine.