This was the first legal action made against Bear Stearns, though there have been several others since then.

The move involves nearly 3,000 employees, half of the company's work force, Bear Stearns said.

It would be one thing if such poor performance were confined to Bear, Stearns.

The stock of Bear Stearns fell 3 percent yesterday, or $2.47, to $80.01.

But now, a person close to the deal said, Bear, Stearns is preparing another go.

Although Bear Stearns has been a public company since 1985, it is still run very much like a partnership.

The case raises many questions about how Bear Stearns is run.

Most recently he has been the global head of corporate security for Bear Stearns.

His father, who works for Bear Stearns, was proud - sort of.

To begin with, Bear Stearns did not pay a "fine."