Bear Stearns faced yet another blow this week as fund manager Ralph Cioffi's departure was announced, in somewhat turbulent circumstances.
Cioffi stands accused of removing a significant amount of his own money from a hedge fund that he managed just ahead of its collapse, despite predicting a strong future for the portfolio.
Bear Stearns spokeswoman Elizabeth Ventura officially confirmed the departure of Cioffi in an interview with Bloomberg this week.
The Wall Street Journal also reported this week that Bear Stearns Chief Executive, James Cayne has declined his full-year bonus, following the unveiling of the company's first quarterly loss in 84 years.
According to the Journal, Cayne decided it would be inappropriate to accept his bonus based upon the company's overall performance during the current subprime crisis.
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