Bears Stearns officials indicated in an Aug. 3 teleconference that the market's recent mortgage-related credit crunch has led to the worst conditions in the fixed-income markets in more than two decades, but said the company is prepared to weather the storm.Comparing the recent credit crunch to other major market disruptions over the past four decades, Bear's chairman and chief executive officer, James E. Cayne, said he believed the company will survive the current crisis as it has past ones. The company's chief risk officer, Michael Alix, said the company has been adjusting its mortgage business accordingly as demand for product in the market has slowed, and it has hedged its positions in troubled asset classes.
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