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Bear Stearns reported a 79 percent drop in quarterly profits, to $115 million, including $600 million in writedowns tied to subprime mortgages and leveraged finance.

Bear Stearns reported a 79 percent drop in quarterly profits, to $115 million, including $600 million in writedowns tied to subprime mortgages and leveraged finance. Bear Stearns said that if its buyout by JPMorgan does not go through, it could “seriously jeopardize the company’s financial viability.” JPMorgan had amassed a 48.4 percent stake as of last week, just shy of the majority need to ensure shareholder approval of the merger. (Reuters)

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