Word: jpmorgan
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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
...went 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...
...read all about the combined woes afflicting the economy: the credit crunch, the subprime mortgage crisis, the housing slump. Things are bad out there, especially when the Federal Reserve has to intervene and rescue the financial markets from chaos, helping JPMorgan Chase buy collapsing investment bank Bear Sterns for a mere $2 a share. But even in the toughest times, some businesses and banks come...
...visit the Houses.” The former Treasury secretary also devoted much of his prepared speech to a discussion of the country’s current economic turmoil—in particular, yesterday’s decision by the Federal Reserve to lend up to $30 billion to JPMorgan Chase to absorb floundering investment bank Bear Sterns. Summers said that the takeover was “as dramatic an episode for the U.S. financial system as we’ve had” since the stock market crash of 1987, but he called the decision “appropriate...