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...recent years has moved to companies for which there is no such shutdown plan. When Wall Street firm and major mortgage player Bear Stearns experienced something akin to a bank run in March, the solution that Paulson and Bernanke came up with was a hastily arranged sale to JPMorgan Chase & Co., backed by a $29 billion guarantee from the Fed. The Fed is responsible for keeping prices stable and credit flowing. Bailing out troubled lenders to prevent a financial meltdown is a entirely different kind of job, one that most economists say belongs in the hands of Treasury and Congress...

Author: /time Magazine | Title: Can Paulson Save the Economy? | 7/31/2008 | See Source »

...stock price dropped below $10 this week to its lowest level in 54 years, down significantly from $43 last fall after the automaker had signed a new four-year labor contract with the United Auto Workers that included significant concessions. JPMorgan said the company has to raise $10 billion in fresh capital in the next several months. Merrill Lynch was even less optimistic. "We believe there is potential downside in the stock below $7 and that bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised," Merrill Lynch analyst John Murphy wrote...

Author: /time Magazine | Title: Can General Motors Recover? | 7/5/2008 | See Source »

...that he has now largely won. With Bear Stearns, which the Federal Reserve forced into a fire sale to JPMorgan Chase, he cashed his checks quietly. But in the case of Lehman Bros., Einhorn engaged in a riveting public campaign to goad the firm into confessing its shortcomings. In mid-June, it more or less did. Einhorn, 39--a soft-spoken, baby-faced hedge-fund manager previously best known for winning $659,730 at the 2006 World Series of Poker--had briefly made himself the most important crusader for financial morality on Wall Street. Which may say less about...

Author: /time Magazine | Title: The Crusading Hedge-Fund Manager | 6/19/2008 | See Source »

...straightforward, and I came up with lots of ideas why I didn't think it would work, and I said "it won't work because of this," and Bert said "no, no, you do this, you do that" and it appealed. Although, as he said, I was working at JPMorgan at the time, and I didn't really think a lot of it until probably March the following year, when I decided to take a break from JPMorgan...

Author: /time Magazine | Title: Betting on a Market | 4/21/2008 | See Source »

...polished up the business plan and then I basically got hold of the investment banking bonus calendar, so I worked out when bonuses were announced, and when they were paid, and then we tried to go and see people in between those two dates. Rather than just go to JPMorgan, I went to people in 10 different banks between us. And we tried to get someone on a trading floor in each of those banks, the idea being if we had an investor there, that person would spread the word about their investment...

Author: /time Magazine | Title: Betting on a Market | 4/21/2008 | See Source »

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