Word: chasings
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...past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies.' ALAN SCHWARTZ, president and ceo of Bear Stearns, which, as part of a federal bailout, was acquired by rival JPMorgan Chase for $236.2 million - a meager $2 per share...
...Sources: A.P.; BBC; JPMorgan Chase; A.P.; New York Times; Financial Times Numbers Sources: A.P.; Mortgage Asset Research Institute; Wall Street Journal (2); BBC; EADS Astrium; A.P.; Economist Intelligence Unit
...from seemingly healthy to dead meat in about five days. Federal Reserve Chairman Ben Bernanke, desperate to avoid a sudden collapse that might cause a full-fledged market panic, invoked a little-known 1930s legal provision to engineer a Sunday fire sale of Bear Stearns to banking giant JPMorgan Chase for a mere $2 a share. (Bear's stock price was $57 a week before, $171.51 in early...
...flying that it was. Lenders refused to lend, clients refused to trade, and suddenly Bear was out of money. It was a bank run, more or less. And the scary thing was that there is no entirely satisfactory explanation for why it hit Bear. One may emerge as JPMorgan Chase's bean counters dig through the books, and some have fingered rumor-mongering short sellers who stood to gain as the stock dropped, but for now it mainly looks like just a sudden crisis of confidence. Which could conceivably happen to anybody. "It's a good old-time panic," says...
Bernanke, himself an authority on the Depression, has been pushing ever more creative and aggressive means to avoid this, mostly by lending cash or Treasuries in exchange for mortgage securities. The Fed persuaded JPMorgan Chase to buy Bear Stearns in part by agreeing to lend $30 billion against hard-to-sell mortgage securities on Bear's books...