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Tuesday's Headlines: Bear Stearns Execs Surface at One-Times Rivals

The financial crisis and implosion of one of Wall Street's mainstays hasn't slowed down former Bear Stearns executives, many of whom are now running bond businesses at their onetime rivals, according to BusinessWeek.

Examples include Michael Nierenberg, who now heads Bank of America's global mortgage and securitized-products business; Jeffrey Verschleiser, who runs mortgage operations at Goldman Sachs; Scott Eichel, now Royal Bank of Scotland's global head of securitized products and U.S. credit trading; and Thomas Marano, once Bear Stearns's global head of mortgages, rates, and foreign exchange, who's now CEO of the mortgage unit of Ally Financial.

Other News

Ex-UBS banker gets 22-month sentence for tipping off a friend about a health care merger. [WSJ]

Jefferies' 1Q profit jumped on trading revenue as it expands its advisory business. [Bloomberg]

Deutsche Bank lost an interest-rate swaps case which will likely change how German banks market derivatives. [WSJ]

AIG may face rivals in its $15.7 billion bid for mortgage-backed securities held by the Fed. [BusinessWeek].

Warren Buffett says Japan's earthquake created a buying opportunity for equity investors. [Bloomberg]

The Treasury will further step back from its interventionist role with the sale of a mortgage-backed securities portfolio. [FT]

Citi is looking for buyers of its $17.6 billion stake in a buyout fund. [WSJ]

AUTHOREmma Johnson Insider Comment

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