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| Subject: Duncan, why don't you just admit you are wrong and move on? | |
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Author: Stephen |
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Date Posted: 07:35:10 03/15/08 Sat In reply to: Duncan7 's message, "Re: and I suppose you think of a very large banking concern teetering on the verge" on 10:41:27 03/14/08 Fri Talk about pig-headed. Pffff! >Take a pill bev. your the ones blaming one person not >me. > >>of bankruptsy is just another case of one person . >>geesh get real . >> >>Teetering Bear Stearns gets bailout from Federal >>Reserve, JPMorgan Chase >>The Associated PressPublished: March 14, 2008 >> >> ENEW YORK: Bear Stearns Cos., one of Wall Street's >>venerable investment banks, received a bailout Friday >>by the federal government and JPMorgan Chase & Co. in >>a surprise, last-ditch effort to save the 86-year old >>institution. >> >>The Federal Reserve responded swiftly to pleas from >>Bear Stearns that its coffers had "significantly >>deteriorated" within a 24-hour period. Central bankers >>backed an arrangement to bolster the company, and >>stood ready to provide extra resources to combat a >>credit crisis that now threatens one of America's >>biggest financial institutions. >> >>Bear Stearns, the nation's fifth-largest investment >>bank, made its fortune dealing in opaque >>mortgage-backed securities — a strategy that might be >>its undoing amid the worst housing slump in a quarter >>century. The bank has racked up $2.75 billion in >>write-downs since last year, and faced a possible >>collapse without some kind of lifeline. >> >>Bear Stearns lost half of its value within 30 minutes >>of the market open, before clawing back a bit to be >>down 41 percent, or $23.51, at $33.49 by midday. The >>news rattled investors, pushing the Dow Jones >>industrial average down about 150 points. >> >>JPMorgan Chase, the nation's third-largest bank, >>agreed to pump more money into Bear Stearns to keep it >>in business, but did not divulge how much it was >>spending. Top executives from both companies were in >>talks, and were even considering the outright sale of >>Bear Stearns to JPMorgan, according to a person >>familiar with the talks who was not authorized to >>speak on the record. >> >>find permanent strategic alternatives to alleviate >>their Today in Americas >>A mother's unconventional life is reflected within >>ObamaSpitzer's use of campaign funds now under >>scrutinyWith eye on campaigns, Congress passes a >>budgetBear Stearns said in a statement that it is >>working with JPMorgan Chase to cash problems. >> >>JPMorgan Chase — which has been hurt far less by the >>mortgage morass than other investment banks — is >>providing secured funding to Bear Stearns for 28 days, >>backstopped by the Federal Reserve Bank of New York. >>Bear Stearns and the Fed approached JPMorgan Chase >>about the financing and a potential deal, according to >>the person familiar with the talks. >> >>Rumors have persisted throughout the week that Bear >>Stearns was facing major cash flow problems, but the >>investment bank's chief executive initially denied >>those rumors. >> >>"Bear Stearns has been the subject of a multitude of >>market rumors regarding our liquidity," the bank's >>president and chief executive, Alan Schwartz, said in >>a statement Friday. "Amidst this market chatter, our >>liquidity position in the last 24 hours had >>significantly deteriorated." >> >>In a memo sent to employees, Schwartz said the >>temporary financing would allow the company to "get >>back to business as usual." >> >>The company has struggled since the middle of last >>year because of the fallout in the mortgage and credit >>markets. Last summer, two hedge funds worth billions >>of dollars managed by Bear Stearns collapsed because >>of bad bets on securities backed by subprime mortgages >>— loans given to customers with poor credit history. >> >>JPMorgan Chase said the financing would not expose its >>company to any material risk, though its shares >>dropped 1.4 percent, or 53 cents to $37.58. >> >>___ >> >>AP Business Writers Madlen Read and Joe Bel Bruno in >>New York and Martin Crutsinger in Washington >>contributed to this report. >> >> Terms of Use [ Next Thread | Previous Thread | Next Message | Previous Message ] |