Bear Stearns

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J'Accuse, Part Deux
 J'Accuse, Part Deux 
OPINION
Apr 27, 2008 1:08 PM CDT

J'Accuse, Part Deux

Ben Stein's second examination of the financial meltdown

(Newser) - Economist, writer, actor, and lawyer Ben Stein follows up his December excoriation of Goldman Sachs' contribution to the subprime crisis with a look in today's New York Times into how Wall Street executives can get away with reckless behavior at the expense of the public. This time he targets the...

New Hires at Bear Stearns Axed Before They Start

Bank's collapse sends college grads job-hunting in a tough market

(Newser) - Hundreds of college grads who thought they had landed dream positions with Bear Stearns were canned before their first day on the job, the Wall Street Journal reports. As the giant bank began to implode, the students were at first assured their new jobs were safe—but then were sent...

Bear Stearns Could Face Civil Charges

Regulators probing troubled bank's bond, mortgage practices

(Newser) - Bear Stearns has been warned it could face civil charges stemming from an SEC probe into its anti-competitive bidding for municipal bonds, the Wall Street Journal reports. The firm is also being investigated by the FTC for alleged violations of consumer protection laws involving its mortgage-servicing unit. Bear Stearns officials...

Tough Market Greets Bear Castoffs

Takeover sends bank employees looking for work on post-credit-crunch Wall Street

(Newser) - Thousands of Bear Stearns employees face uncertain futures after the investment bank's takeover by JPMorgan, and they’re entering a Wall Street beset with problems and bereft of jobs, reports Reuters. "They are coming into a market at a time when Wall Street doesn't offer much opportunity," one...

Fed, Execs Defend Bear Bailout
Fed, Execs Defend Bear Bailout
Apr 3, 2008 12:10 PM CDT

Fed, Execs Defend Bear Bailout

Collapse would have spread throughout economy, they argue

(Newser) - Bear Stearns was just hours from collapse, and letting it go down would have been disastrous, executives and regulators argued on Capital Hill today while defending the controversial bailout, the New York Times reports. Without the takeover, “we would all be facing a far more dire set of challenges,...

Congress to Grill Bernanke on Bear Stearns

Questions will likely focus on timing and intensity of Fed's actions in brokering deal

(Newser) - Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the...

'Tinker Bell Market' Fallout Wallops Taxpayers

Built on the fairy dust of borrowed money, Wall Street was doomed to fall

(Newser) - Although he doesn't foresee long-term catastrophe, Allan Sloan of Fortune sounds an alarm in today's Washington Post, saying he's "more nervous about the world financial system now than I've ever been in my 40 years of covering business and markets." He dissects "the collapse of a Tinker...

Lehman Is Selling $3B in Shares
 Lehman Is Selling $3B in Shares 
Mar 31, 2008 7:25 PM CDT

Lehman Is Selling $3B in Shares

Firm seeks to calm fears of another Bear Stearns disaster

(Newser) - Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up...

Market 'Fix' Just Feeds the Beast
 Market 'Fix' Just
 Feeds the Beast 
OPINION
Mar 31, 2008 5:08 PM CDT

Market 'Fix' Just Feeds the Beast

Bush denies need for regulations, Krugman writes in NYT

(Newser) - The Treasury plan unveiled today will never rein in free-wheeling markets because it isn't intended to, Paul Krugman writes in the New York Times. President Bush, who for 7 years has slashed at regulations, ignores how well they harness deposit-taking banks. And he denies that "non-depository" banks like Bear...

Bear Stearns Chairman Sells $1B Stake for $61M

Cayne bites the bullet with his company

(Newser) - Bear Stearns Chairman Jimmy Cayne yesterday became the poster boy for the company’s fall from grace, selling his one-time $1 billion stake in the investment bank for a mere $61.3 million, reports the Wall Street Journal. Cayne sold 5.7 million shares he’d acquired for $10.84...

2 Probes Launched Into Bear Stearns Deal

Two Senate panels to investigate takeover

(Newser) - The controversial acquisition of Bear Stearns by rival JP Morgan Chase, aided by billions of dollars of government credit, is about to become one of the most scrutinized deals in Wall Street history. Two separate Senate investigations will soon be under way, one by the Banking Committee and another by...

Paulson Wants Closer Tabs on Investment Banks

More transparency needed if they're to borrow from Fed, Treasury chief says

(Newser) - Treasury Secretary Henry Paulson said today that investment banks owe the government more information about their financial condition if they are occasionally allowed to borrow money from the Federal Reserve, the New York Times reports. Paulson seemed to call for tighter regulations before calling the recent bailout of Bear Stearns...

Bear Stearns Staffers Gird for Mass Layoffs After $3B Hit

After losing their shirts, half will also lose jobs

(Newser) - The Icarus-like fall of Bear Stearns stock, trading as high as $170 a share a year ago before plummeting to $2 last week, has cost Bear employees—who once owned nearly a third of the company—more than $3 billion. That's even after JPMorgan raised its bid for the investment...

Bad Credit News Means Good Tidings for Analysts

Demand for financial insight buoys Breaking Views, other sites

(Newser) - The Bear Stearns crisis was bad news for many, but it was good news—or at least good business—for financial analysts at London-based Breaking Views. The credit crunch is increasing demand for the company’s financial insights, offered online and, through various partnerships, in print. Breaking Views is seizing...

Bear Bid Boosts Stocks
 Bear Bid Boosts Stocks 
MARKETS
Mar 24, 2008 3:49 PM CDT

Bear Bid Boosts Stocks

Unexpectedly strong home sales also spur rally

(Newser) - Stocks ended up today, thanks to JPMorgan's increased bid for Bear Stearns and unexpectedly strong monthly home-sales data. Still, investors remained cautious, the Wall Street Journal reports. "Who knows if there's going to be another Bear Stearns out there?" an analyst asked. The Dow finished up 187.32 at...

JPMorgan Boosts Bear Stearns Offer to $10/Share

Bank hopes to stem criticism by quintupling bid

(Newser) - JPMorgan will quintuple its takeover offer for Bear Stearns, setting a new $10-per-share price today after a weekend of tense renegotiations. Bear shareholders had objected to the proposed $2 deal, saying the bank-saving bid was a heist. JPMorgan is also buying 95 million more shares of the bank, which will...

JPMorgan in Talks to Boost Bear Stearns Bid

Attempt to mollify furious Bear stockholders

(Newser) - JPMorgan Chase was in negotiations last night to quintuple its bid for Bear Stearns following a storm of angry protests by Bear shareholders over the initial bargain-basement deal for the investment banking giant, reports the New York Times. Under the new deal, JPMorgan Chase would pay $1 billion—$10 a...

Lawmakers Gird for Battle Over Wall Street Reforms

Dems, GOP split over regulation

(Newser) - Lawmakers are debating how to regulate and oversee financial institutions to prevent another Bear Stearns near-catastrophe. But exactly what that solution should look like depends on who's doing the proposing. President Bush and Wall Street say that Washington's heavy hand could hamstring the industry’s ability to innovate, reports the...

Cramer: the Bear Has Been Tamed

Bombastic market guru says Bear deal marks end of crisis; buy JP Morgan

(Newser) - We've hit bottom, Jim Cramer proclaims. Bear Stearns' collapse may have been apocalyptic in scale, but it at least woke up a complacent Fed and Treasury secretary, the bombastic market guru writes in New York today. “We’ve been through dozens of false bottoms,” he says, but now...

Hedge Funds Cash In on Collapse of Bear

Wagering the securities firm stock would fall paid off millions

(Newser) - The epic collapse of Bear Stearns didn't mean bad news for everyone on Wall Street—several big hedge funds made a mint off it, the Wall Street Journal reports. The funds essentially placed bets that Bear would stumble, then raked in millions when the security firm's shares took a nosedive....

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