🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 152 (from laksa078)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa152.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Bear_Stearns\')), getAhrefsUnparsedNoserviceFromURL(\'https://en.wikipedia.org/wiki/Bear_Stearns\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns","crawl_time":1774056624,"first_indexed_time":1375978917,"http_code":200,"src_unparsed":"org,wikipedia!en,\/wiki\/Bear_Stearns s443","src_root_hash":"17790707453426894952","history_drop_reason":null,"meta_title":"Bear Stearns - Wikipedia","meta_descriptions":[],"attrs_boilerpipe_text":"From Wikipedia, the free encyclopedia\nThe Bear Stearns Companies, Inc.\nCompany type\nPublic\nTraded as\nNYSE\n: BSC\nIndustry\nInvestment services\nFounded\nMay 1, 1923\n; 102 years ago\nFounders\nJoseph Ainslie Bear\nRobert B. Stearns\nDefunct\nMarch 16, 2008\n; 18 years ago\n[\n1\n]\nFate\nWent out of business as a result of the\n2008 financial crisis\nand the\nGreat Recession\nAcquired by\nJPMorgan Chase\nSuccessor\nJPMorgan Chase\nHeadquarters\nNew York City\n, New York, U.S.\nKey people\nAlan Schwartz\n(former CEO)\nJames Cayne\n(former chairman and CEO)\nDavid Robert Malpass\n(chief economist for the last six years before its failure)\nProducts\nFinancial services\nInvestment banking\nInvestment management\nThe Bear Stearns Companies, Inc.\nwas an American\ninvestment bank\n,\nsecurities\ntrading, and\nbrokerage firm\nthat famously failed during the\n2008 financial crisis\nand the\nGreat Recession\n. After its closure, it was subsequently sold to\nJPMorgan Chase\n. The company's main business areas before its failure were\ncapital markets\n, investment banking,\nwealth management\n, and global\nclearing\nservices, and it was heavily involved in the\nsubprime mortgage crisis\n.\nIn the years leading up to the failure, Bear Stearns was heavily involved in\nsecuritization\nand issued large amounts of\nasset-backed securities\nwhich were, in the case of mortgages, pioneered by\nLewis Ranieri\n, \"the father of mortgage securities.\"\n[\n2\n]\nAs investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the\nsubprime mortgage crisis\n. In March 2008, the\nFederal Reserve Bank of New York\nprovided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for $10 per share,\n[\n3\n]\na price far below its pre-crisis 52-week high of $133.20 per share, but not as low as the $2 per share originally agreed upon.\n[\n4\n]\nThe collapse of the company was a prelude to the\n2008 financial crisis\nand the meltdown of the investment banking industry in the United States and elsewhere. In January 2010, JPMorgan ceased using the Bear Stearns name.\n[\n5\n]\nBear Stearns' former offices at\n383 Madison Avenue\nBear Stearns was founded as an\nequity trading\nhouse on May 1, 1923, by\nJoseph Ainslie Bear\n,\nRobert B. Stearns\nand Harold C. Mayer with $500,000 in capital (equivalent to $9,448,242 in 2025). Internal tensions quickly arose among the three founders resulting in at least one public tussling. The firm survived the\nWall Street Crash of 1929\nwithout laying off any employees and by 1933 opened its first branch office in\nChicago\n. In 1955 the firm opened its first international office in\nAmsterdam\n.\n[\n6\n]\nIn 1985, Bear Stearns became a publicly traded company.\n[\n6\n]\nIt served corporations, institutions, governments, and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients and other professional traders, including\nsecurities lending\n.\n[\n7\n]\nBear Stearns' World Headquarters was located at\n383 Madison Avenue\n, between East 46th Street and East 47th Street in\nManhattan\n. By 2007, the company employed more than 15,500 people worldwide.\n[\n8\n]\nThe firm was headquartered in New York City with offices in\nAtlanta\n,\nBoston\n, Chicago,\nDallas\n,\nDenver\n,\nHouston\n,\nLos Angeles\n,\nIrvine\n,\nSan Francisco\n,\nSt. Louis\n;\nWhippany, New Jersey\n; and\nSan Juan, Puerto Rico\n. Internationally the firm had offices in\nLondon\n,\nBeijing\n,\nDublin\n,\nFrankfurt\n,\nHong Kong\n,\nLugano\n,\nMilan\n,\nSão Paulo\n,\nMumbai\n,\nShanghai\n,\nSingapore\nand\nTokyo\n.\nIn 2005–2007, Bear Stearns was recognized as the \"Most Admired\" securities firm in\nFortune\n's\n\"America's Most Admired Companies\" survey, and second overall in the securities firm section.\n[\n9\n]\nThe annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this \"top\" distinction.\nLead-up to the failure – increasing exposure to subprime mortgages\n[\nedit\n]\nBy November 2006, the company had total capital of approximately $66.7 billion and total assets of $350.4 billion and according to the April 2005 issue of\nInstitutional Investor\nmagazine, Bear Stearns was the seventh-largest securities firm in terms of total capital. A year later, Bear Stearns had\nnotional contract amounts\nof approximately $13.40 trillion in\nderivative\nfinancial instruments, of which $1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than $28 billion in\n'level 3'\nassets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion. This $11.1 billion supported $395 billion in assets,\n[\n10\n]\nwhich means a\nleverage ratio\nof 35.6 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of\ncounterparty\nrisk which would ensue from forced liquidation.\nStart of the crisis – two subprime mortgage funds fail\n[\nedit\n]\nOn June 22, 2007, Bear Stearns pledged a collateralized loan of up to $3.2 billion to \"bail out\" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just $25 million, so they were hesitant about the bailout; nonetheless, CEO James Cayne and other senior executives worried about the damage to the company's reputation.\n[\n11\n]\n[\n12\n]\nThe funds were invested in thinly traded\ncollateralized debt obligations\n(CDOs).\nMerrill Lynch\nseized $850 million worth of the underlying collateral but only was able to auction $100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.\n[\n13\n]\n[\n14\n]\nRichard A. Marin\n, a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former vice chairman of rival investment bank\nLehman Brothers\n.\n[\n15\n]\nDuring the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of\nJake Zamansky\n& Associates and Rich & Intelisano both filed arbitration claims with the\nNational Association of Securities Dealers\nalleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of  the collapse of two hedge funds tied to subprime mortgages. A September 21 report in\nThe New York Times\nnoted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses.\n[\n16\n]\nWith Samuel Molinaro's November 15th revelation that Bear Stearns was writing down a further $1.2 billion in mortgage-related securities and would face its first loss in 83 years,\nStandard & Poor's\ndowngraded the company's\ncredit rating\nfrom AA to A.\n[\n17\n]\nMatthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns, were arrested June 19, 2008.\n[\n18\n]\nThey faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi were also named in lawsuits brought by\nBarclays Bank\n, which claimed they were one of the many investors misled by the executives.\n[\n19\n]\n[\n20\n]\nThey were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns\nHigh-Grade Structured Credit Strategies Enhanced Leverage Master Fund\nwere worth much less than their professed values. The suit claimed that Bear Stearns managers devised \"a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments\". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when \"in reality, the portfolio's asset values were plummeting.\"\n[\n21\n]\nFed bailout and sale to JPMorgan Chase\n[\nedit\n]\nOn March 14, 2008, the Federal Reserve Bank of New York (\"FRBNY\") agreed to provide a $25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them.\n[\n22\n]\nThe deal was then changed to where FRBNY would create a company (what would become\nMaiden Lane LLC\n) to buy $30 billion worth of Bear Stearns' assets, and Bear Stearns would be purchased by JPMorgan Chase in a\nstock swap\nworth $2 a share, or less than 7 percent of Bear Stearns' market value just two days before.\n[\n23\n]\nThis sale price represented a staggering loss as its stock had traded at $172 a share as late as January 2007, and $93 a share as late as February 2008. Eventually, after renegotiating the purchase of Bear Stearns, Maiden Lane LLC was funded by a $29 billion first priority loan from FRBNY and a $1 billion subordinated loan from JPMorgan Chase, without further recourse to JPMorgan Chase.\n[\n24\n]\nThe structure of the transaction, with both loans collateralized by securitized home mortgages\n[\n25\n]\nand with the JPMorgan Chase loan bearing losses before the FRBNY loan, meant that FRBNY could not seize or otherwise encumber JPMorgan Chase's assets if the underlying collateral became insufficient to repay the FRBNY loan.\n[\n25\n]\n[\n26\n]\nFederal Reserve Chairman\nBen Bernanke\ndefended the bailout by stating that a bankruptcy of Bear Stearns would have affected the\nreal economy\nand could have caused a \"chaotic unwinding\" of investments across US markets.\n[\n23\n]\n[\n27\n]\nOn March 20,\nSEC\nChairman\nChristopher Cox\nsaid the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns' problems escalated when rumors spread about its\nliquidity crisis\nwhich in turn eroded investor confidence in the firm. \"Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns\", said Cox. Bear Stearns' liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.\n[\n28\n]\nOn March 24, 2008, a\nclass action\nsuit was filed on behalf of shareholders, challenging the terms of JPMorgan's acquisition of Bear Stearns.\n[\n29\n]\nThat same day, a new agreement was reached that raised JPMorgan Chase's offer to $10 a share, up from the initial $2 offer, which meant an offer of $1.2 billion.\n[\n30\n]\nThe revised deal was aimed to quiet upset investors and was necessitated by what was characterized as a loophole in a guarantee that was open-ended, despite the fact that the deal required shareholder approval.\n[\n31\n]\nWhile it was not clear if JPMorgan's lawyers,\nWachtell, Lipton, Rosen & Katz\n, were to blame for the mistake in the hastily written contract, JPMorgan's CEO,\nJamie Dimon\n, was described as being \"apoplectic\" about the mistake.\n[\n32\n]\nThe Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, former Fed chairman\nPaul Volcker\nstated that the Fed had taken actions that \"extend to the very edge of its lawful and implied powers.\" See his remarks at a luncheon of the Economic Club of New York.\n[\n33\n]\nOn May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the $10-per-share price.\n[\n34\n]\nAn article by journalist\nMatt Taibbi\nfor\nRolling Stone\ncontended that\nnaked short selling\nhad a role in the demise of both Bear Stearns and Lehman Brothers.\n[\n35\n]\nA study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found \"no evidence that stock price declines were caused by naked short selling.\"\n[\n36\n]\nTime\nmagazine also labelled former Bear Sterns head\nJames Cayne\nas the CEO most responsible out of all the CEOs who \"screwed up Wall Street\" during the\n2008 financial crisis\n, even reporting that \"none seemed more asleep at the switch than Bear Stearns' Cayne.\"\n[\n37\n]\nStructure prior to collapse\n[\nedit\n]\nManaging partners\/chief executive officers\n[\nedit\n]\nSalim L. Lewis\n: 1949–1978\nAlan C. Greenberg\n: 1978–1993\nJames Cayne\n: 1993–2008\nAlan Schwartz\n: 2008\nThe largest Bear Stearns shareholders as of December 2007 were:\n[\n38\n]\nBarrow Hanley Mewhinney & Strauss – 9.73%\nJoseph C. Lewis\n– 9.36%\nMorgan Stanley\n– 5.37%\nJames Cayne\n– 4.94%\nLegg Mason Capital Management\n– 4.84%\nPrivate Capital Management – 4.49%\nBarclays Global Investors\n– 3.10%\nState Street Global Advisors\n– 3.01%\nThe Vanguard Group\n– 2.67%\nJanus Capital Management\n– 2.34%\nBankruptcy of Lehman Brothers\nIrving Place Capital\nPrimary dealer\n^\n\"Bear Stearns collapses, sold to J.P. Morgan Chase\"\n.\nHistory.com\n. A&E Television Networks. January 19, 2018\n. Retrieved\nJune 28,\n2023\n.\n^\nLowenstein, Roger The End of Wall Street, Penguin Press 2010, pp.xvii,22\nISBN\n \n978-1-59420-239-1\n^\nSorkin, Andrew Ross (March 24, 2008).\n\"JPMorgan Raises Bid for Bear Stearns to $10 a Share\"\n.\nThe New York Times\n.\nISSN\n \n0362-4331\n. Retrieved\nFebruary 15,\n2025\n.\n^\nSorkin, Andrew Ross (March 17, 2008).\n\"JP Morgan Pays $2 a Share for Bear Stearns\"\n.\nThe New York Times\n. Retrieved\nFebruary 15,\n2025\n.\n^\nHester, Elizabeth (January 8, 2010).\n\"Bear Stearns Brand Finally Fades, Two Years After Collapse\"\n. Bloomberg News. Archived from\nthe original\non November 2, 2012\n. Retrieved\nFebruary 15,\n2025\n.\n^\na\nb\n\"Could Bear Stearns Do Better?\"\n.\nDealBook\n.\nThe New York Times\n. March 17, 2008\n. Retrieved\nFebruary 15,\n2025\n.\n^\n\"Bear Stearns Companies, Inc.\",\nInternational Directory of Company Histories, Vol. 52\n, St. James Press, 2003\n^\nTim McLaughlin (November 28, 2007).\n\"Bear Stearns to cut 650 jobs globally\"\n.\nReuters\n.\nArchived\nfrom the original on September 24, 2015\n. Retrieved\nJune 30,\n2017\n.\n^\n\"America's Most Admired Companies 2007 Fortune\"\n.\nCNN\n. Retrieved\nAugust 23,\n2011\n.\n^\nBoyd, Roddy (March 31, 2008).\n\"The last days of Bear Stearns\"\n.\nFortune\n. Archived from\nthe original\non September 19, 2008.\nRetrieved on September 30, 2008.\n^\nBurrough, Bryan.\n\"Bringing Down Bear Stearns\"\n.\nVanity Fair\n. Retrieved\nJune 19,\n2013\n.\n^\nCreswell, Julie; Bajaj, Vikas (June 23, 2007),\n\"$3.2 Billion Move by Bear Stearns to Rescue Fund\"\n,\nThe New York Times\n, retrieved\nFebruary 15,\n2025\n^\nSiew, Walden; Yoon, Al (June 21, 2007),\n\"Bear Stearns CDO liquidation sparks contagion fears\"\n,\nReuters\n,\narchived\nfrom the original on October 6, 2014\n, retrieved\nJune 30,\n2017\n^\nPittman, Mark (June 21, 2007).\n\"Bear Stearns Fund Collapse Sends Shock Through CDOs\"\n. Bloomberg News. Archived from\nthe original\non September 30, 2007\n. Retrieved\nFebruary 15,\n2025\n.\n^\nBajaj, Vikas (June 30, 2007),\n\"Bear Stearns Shakes Up Funds Unit\"\n,\nThe New York Times\n, retrieved\nFebruary 15,\n2025\n^\nGrynbaum, Michael M. (September 21, 2007),\n\"Bear Stearns Profit Plunges 61% on Subprime Woes\"\n,\nThe New York Times\n, retrieved\nFebruary 15,\n2025\n^\nBasar, Shanny; Ahuja, Vivek (November 15, 2007),\n\"Bear downgraded in face of first loss in 83 years\"\n,\nFinancial News Online\n, retrieved\nApril 16,\n2008\n^\n\"Behind the Scenes of Bear's Fund Meltdown\"\n. DealBook.\nThe New York Times\n. June 19, 2008\n. Retrieved\nFebruary 15,\n2025\n.\n^\nThomas, Landon Jr. (June 20, 2008).\n\"Prosecutors Build Bear Stearns Case on E-Mails\"\n.\nThe New York Times\n. Retrieved\nFebruary 15,\n2025\n.\n^\nHays, Tom (June 19, 2008).\n\"2 charged on Wall Street in mortgage meltdown\"\n. Associated Press. Archived from\nthe original\non June 20, 2008\n. Retrieved\nFebruary 15,\n2025\n.\n^\nHays, Tom.\n\"Ex-Bear Stearns managers arrested at their homes\"\n. Archived from\nthe original\non June 19, 2008\n. Retrieved\nFebruary 15,\n2025\n.\n^\nFrontline: Inside the Meltdown – You Have a Weekend to Save Yourself\nRetrieved February 26, 2009\n^\na\nb\nOnaran, Yalman (April 2, 2008).\n\"Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says\"\n. Bloomberg News. Archived from\nthe original\non April 18, 2012\n. Retrieved\nFebruary 15,\n2025\n.\n^\n\"JPMorgan Chase and Bear Stearns Announce Amended Agreement\"\n. JPMorgan Chase & Co. March 24, 2008. Archived from\nthe original\non March 26, 2008.\n^\na\nb\n\"Bear Stearns Bondholders Win Big\"\n. Seeking Alpha. March 27, 2008\n. Retrieved\nJune 19,\n2013\n.\n^\n\"Weekly Market Comment: Why is Bear Stearns Trading at $6 Instead of $2\"\n. Hussman Funds. March 24, 2008\n. Retrieved\nJune 19,\n2013\n.\n^\n\"Bernanke Defends Bear Stearns Bailout\"\n.\nCBS News\n. April 3, 2008.\n^\nChairman Cox Letter To Basel Committee In Support Of New Guidance On Liquidity Management\n(PDF)\n, March 20, 2008\n, retrieved\nApril 16,\n2008\n^\nC&T Files Complaint and Temporary Restraining Order Challenging Bear Stearns Buyout by JPMorgan\n, March 24, 2008, archived from\nthe original\non May 13, 2008\n, retrieved\nApril 16,\n2008\n^\nThomas, Landon Jr; Dash, Eric (March 25, 2008).\n\"Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid\"\n.\nThe New York Times\n. Retrieved\nFebruary 15,\n2025\n.\n^\nCarney, John (January 14, 2019) [Mar 24, 2008].\n\"Did JP Morgan Understand The Bear Stearns Guarantee?\"\n.\nDealbreaker\n. Retrieved\nSeptember 22,\n2019\n.\n{{\ncite web\n}}\n:  CS1 maint: deprecated archival service (\nlink\n)\n^\nAdams, Ken (March 24, 2008).\n\"Drafting Errors in the Bear Stearns Merger Agreement? What a Shock!\"\n.\nAdams on Contract Drafting\n. Retrieved\nSeptember 23,\n2019\n.\n^\nNiall Ferguson: The Ascent of Money: A Financial History of The World, Chapter 6: From Empire to Chimerica; Chimerica, p. 338\n^\nWhite, Ben (May 29, 2008),\n\"Bear Stearns passes into Wall Street history\"\n,\nFinancial Times\n^\nTaibbi, Matt\n(October 2009).\n\"Wall Street's Naked Swindle\"\n.\nRolling Stone\n. Retrieved\nOctober 15,\n2009\n.\n^\nNaked Short Selling: The Emperor's New Clothes?\nCentre for Financial Research, May 22, 2009.\n^\n\"25 People to Blame for the Financial Crisis\"\n.\nTime\n. February 11, 2009. Archived from the original on August 19, 2017\n. Retrieved\nDecember 28,\n2021\n.\n^\nWright, William (March 17, 2008).\n\"Employees lose $5bn on Bear Stearns\"\n.\nFinancial News\n.\nRetrieved on September 30, 2008.\nWilliam Cohan,\nHouse of Cards: A Tale of Hubris and Wretched Excess on Wall Street\n, 2010.\nOfficial site\nat the\nWayback Machine\n(archived March 12, 2008)\nFrontline\n: Inside the Meltdown Analysis—The Bear Stearns Rescue\nThe New York Times\nTimeline of Bear Stearns' history","attrs_markdown":"[Jump to content](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#bodyContent)\n\nMain menu\n\nMain menu\n\nmove to sidebar\n\nhide\n\nNavigation\n\n- [Main page](https:\/\/en.wikipedia.org\/wiki\/Main_Page \"Visit the main page [z]\")\n- [Contents](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contents \"Guides to browsing Wikipedia\")\n- [Current events](https:\/\/en.wikipedia.org\/wiki\/Portal:Current_events \"Articles related to current events\")\n- [Random article](https:\/\/en.wikipedia.org\/wiki\/Special:Random \"Visit a randomly selected article [x]\")\n- [About Wikipedia](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:About \"Learn about Wikipedia and how it works\")\n- [Contact us](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Contact_us \"How to contact Wikipedia\")\n\nContribute\n\n- [Help](https:\/\/en.wikipedia.org\/wiki\/Help:Contents \"Guidance on how to use and edit Wikipedia\")\n- [Learn to edit](https:\/\/en.wikipedia.org\/wiki\/Help:Introduction \"Learn how to edit Wikipedia\")\n- [Community portal](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:Community_portal \"The hub for editors\")\n- [Recent changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChanges \"A list of recent changes to Wikipedia [r]\")\n- [Upload file](https:\/\/en.wikipedia.org\/wiki\/Wikipedia:File_upload_wizard \"Add images or other media for use on Wikipedia\")\n- [Special pages](https:\/\/en.wikipedia.org\/wiki\/Special:SpecialPages \"A list of all special pages [q]\")\n\n[![](https:\/\/en.wikipedia.org\/static\/images\/icons\/enwiki-25.svg) ![Wikipedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-wordmark-en-25.svg) ![The Free Encyclopedia](https:\/\/en.wikipedia.org\/static\/images\/mobile\/copyright\/wikipedia-tagline-en-25.svg)](https:\/\/en.wikipedia.org\/wiki\/Main_Page)\n\n[Search](https:\/\/en.wikipedia.org\/wiki\/Special:Search \"Search Wikipedia [f]\")\n\nAppearance\n\n- [Donate](https:\/\/donate.wikimedia.org\/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)\n- [Create account](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:CreateAccount&returnto=Bear+Stearns \"You are encouraged to create an account and log in; however, it is not mandatory\")\n- [Log in](https:\/\/en.wikipedia.org\/w\/index.php?title=Special:UserLogin&returnto=Bear+Stearns \"You're encouraged to log in; however, it's not mandatory. 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[o]\")\n\n## Contents\nmove to sidebar\n\nhide\n\n- [(Top)](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns)\n- [1 History](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#History)\n  Toggle History subsection\n  - [1\\.1 Lead-up to the failure – increasing exposure to subprime mortgages](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Lead-up_to_the_failure_%E2%80%93_increasing_exposure_to_subprime_mortgages)\n  - [1\\.2 Start of the crisis – two subprime mortgage funds fail](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Start_of_the_crisis_%E2%80%93_two_subprime_mortgage_funds_fail)\n  - [1\\.3 Fed bailout and sale to JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Fed_bailout_and_sale_to_JPMorgan_Chase)\n- [2 Structure prior to collapse](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Structure_prior_to_collapse)\n  Toggle Structure prior to collapse subsection\n  - [2\\.1 Managing partners\/chief executive officers](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Managing_partners\/chief_executive_officers)\n  - [2\\.2 Major shareholders](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Major_shareholders)\n- [3 See also](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#See_also)\n- [4 References](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#References)\n- [5 Further reading](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Further_reading)\n- [6 External links](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#External_links)\n\nToggle the table of contents\n\n# Bear Stearns\n29 languages\n\n- [العربية](https:\/\/ar.wikipedia.org\/wiki\/%D8%A8%D9%8A%D8%B1_%D8%B3%D8%AA%D9%8A%D8%B1%D9%86%D8%B2 \"بير ستيرنز – Arabic\")\n- [تۆرکجه](https:\/\/azb.wikipedia.org\/wiki\/%D8%A8%DB%8C%D8%B1_%D8%A7%D8%B3%D8%AA%DB%8C%D8%B1%D9%86%D8%B2 \"بیر استیرنز – South Azerbaijani\")\n- [Български](https:\/\/bg.wikipedia.org\/wiki\/%D0%91%D0%B5%D1%8A%D1%80_%D0%A1%D1%82%D1%8A%D1%80%D0%BD%D1%81 \"Беър Стърнс – 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[Read](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=history \"Past revisions of this page [h]\")\n\nTools\n\nTools\n\nmove to sidebar\n\nhide\n\nActions\n\n- [Read](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns)\n- [Edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit \"Edit this page [e]\")\n- [View history](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=history)\n\nGeneral\n\n- [What links here](https:\/\/en.wikipedia.org\/wiki\/Special:WhatLinksHere\/Bear_Stearns \"List of all English Wikipedia pages containing links to this page [j]\")\n- [Related changes](https:\/\/en.wikipedia.org\/wiki\/Special:RecentChangesLinked\/Bear_Stearns \"Recent changes in pages linked from this page [k]\")\n- [Upload 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\"Printable version of this page [p]\")\n\nIn other projects\n\n- [Wikimedia Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:Bear_Stearns)\n- [Wikidata item](https:\/\/www.wikidata.org\/wiki\/Special:EntityPage\/Q813018 \"Structured data on this page hosted by Wikidata [g]\")\n\nAppearance\n\nmove to sidebar\n\nhide\n\nFrom Wikipedia, the free encyclopedia\n\nDefunct American investment bank\n\n|   |   |\n|---|---|\n| [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/d\/d3\/Bear_Stearns_Logo.svg\/250px-Bear_Stearns_Logo.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Bear_Stearns_Logo.svg) |   |\n| Company type | [Public](https:\/\/en.wikipedia.org\/wiki\/Public_company \"Public company\") |\n| [Traded as](https:\/\/en.wikipedia.org\/wiki\/Ticker_symbol \"Ticker symbol\") | [NYSE](https:\/\/en.wikipedia.org\/wiki\/New_York_Stock_Exchange \"New York Stock Exchange\"): BSC |\n| Industry | [Investment services](https:\/\/en.wikipedia.org\/wiki\/Investment \"Investment\") |\n| Founded | May 1, 1923; 102 years ago (1923-05-01) |\n| Founders | [Joseph Ainslie Bear](https:\/\/en.wikipedia.org\/wiki\/Joseph_Ainslie_Bear \"Joseph Ainslie Bear\") [Robert B. Stearns](https:\/\/en.wikipedia.org\/wiki\/Robert_B._Stearns \"Robert B. Stearns\") |\n| Defunct | March 16, 2008; 18 years ago (2008-03-16)[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-1) |\n| Fate | Went out of business as a result of the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") and the [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") Acquired by [JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase \"JPMorgan Chase\") |\n| Successor | JPMorgan Chase |\n| Headquarters | [New York City](https:\/\/en.wikipedia.org\/wiki\/New_York_City \"New York City\"), New York, U.S. |\n| Key people | [Alan Schwartz](https:\/\/en.wikipedia.org\/wiki\/Alan_Schwartz \"Alan Schwartz\") (former CEO)  [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\") (former chairman and CEO)  [David Robert Malpass](https:\/\/en.wikipedia.org\/wiki\/David_Robert_Malpass \"David Robert Malpass\") (chief economist for the last six years before its failure) |\n| Products | [Financial services](https:\/\/en.wikipedia.org\/wiki\/Financial_services \"Financial services\") [Investment banking](https:\/\/en.wikipedia.org\/wiki\/Investment_banking \"Investment banking\") [Investment management](https:\/\/en.wikipedia.org\/wiki\/Investment_management \"Investment management\") |\n\n**The Bear Stearns Companies, Inc.** was an American [investment bank](https:\/\/en.wikipedia.org\/wiki\/Investment_bank \"Investment bank\"), [securities](https:\/\/en.wikipedia.org\/wiki\/Security_\$finance\$ \"Security (finance)\") trading, and [brokerage firm](https:\/\/en.wikipedia.org\/wiki\/Brokerage_firm \"Brokerage firm\") that famously failed during the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") and the [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\"). After its closure, it was subsequently sold to [JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase \"JPMorgan Chase\"). The company's main business areas before its failure were [capital markets](https:\/\/en.wikipedia.org\/wiki\/Capital_market \"Capital market\"), investment banking, [wealth management](https:\/\/en.wikipedia.org\/wiki\/Wealth_management \"Wealth management\"), and global [clearing](https:\/\/en.wikipedia.org\/wiki\/Clearing_\$finance\$ \"Clearing (finance)\") services, and it was heavily involved in the [subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\").\n\nIn the years leading up to the failure, Bear Stearns was heavily involved in [securitization](https:\/\/en.wikipedia.org\/wiki\/Securitization \"Securitization\") and issued large amounts of [asset-backed securities](https:\/\/en.wikipedia.org\/wiki\/Asset-backed_security \"Asset-backed security\") which were, in the case of mortgages, pioneered by [Lewis Ranieri](https:\/\/en.wikipedia.org\/wiki\/Lewis_Ranieri \"Lewis Ranieri\"), \"the father of mortgage securities.\"[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-2) As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the [subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\"). In March 2008, the [Federal Reserve Bank of New York](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Bank_of_New_York \"Federal Reserve Bank of New York\") provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for \\$10 per share,[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-3) a price far below its pre-crisis 52-week high of \\$133.20 per share, but not as low as the \\$2 per share originally agreed upon.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-4)\n\nThe collapse of the company was a prelude to the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") and the meltdown of the investment banking industry in the United States and elsewhere. In January 2010, JPMorgan ceased using the Bear Stearns name.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-5)\n\n## History\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=1 \"Edit section: History\")\\]\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/3\/3a\/BearStearns.JPG\/250px-BearStearns.JPG)](https:\/\/en.wikipedia.org\/wiki\/File:BearStearns.JPG)\n\nBear Stearns' former offices at [383 Madison Avenue](https:\/\/en.wikipedia.org\/wiki\/383_Madison_Avenue \"383 Madison Avenue\")\n\nBear Stearns was founded as an [equity trading](https:\/\/en.wikipedia.org\/wiki\/Equity_trading \"Equity trading\") house on May 1, 1923, by [Joseph Ainslie Bear](https:\/\/en.wikipedia.org\/wiki\/Joseph_Ainslie_Bear \"Joseph Ainslie Bear\"), [Robert B. Stearns](https:\/\/en.wikipedia.org\/wiki\/Robert_B._Stearns \"Robert B. Stearns\") and Harold C. Mayer with \\$500,000 in capital (equivalent to \\$9,448,242 in 2025). Internal tensions quickly arose among the three founders resulting in at least one public tussling. The firm survived the [Wall Street Crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_Crash_of_1929 \"Wall Street Crash of 1929\") without laying off any employees and by 1933 opened its first branch office in [Chicago](https:\/\/en.wikipedia.org\/wiki\/Chicago \"Chicago\"). In 1955 the firm opened its first international office in [Amsterdam](https:\/\/en.wikipedia.org\/wiki\/Amsterdam \"Amsterdam\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-better-6)\n\nIn 1985, Bear Stearns became a publicly traded company.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-better-6) It served corporations, institutions, governments, and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients and other professional traders, including [securities lending](https:\/\/en.wikipedia.org\/wiki\/Securities_lending \"Securities lending\").[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-BizHist-7)\n\nBear Stearns' World Headquarters was located at [383 Madison Avenue](https:\/\/en.wikipedia.org\/wiki\/383_Madison_Avenue \"383 Madison Avenue\"), between East 46th Street and East 47th Street in [Manhattan](https:\/\/en.wikipedia.org\/wiki\/Manhattan \"Manhattan\"). By 2007, the company employed more than 15,500 people worldwide.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-8) The firm was headquartered in New York City with offices in [Atlanta](https:\/\/en.wikipedia.org\/wiki\/Atlanta \"Atlanta\"), [Boston](https:\/\/en.wikipedia.org\/wiki\/Boston \"Boston\"), Chicago, [Dallas](https:\/\/en.wikipedia.org\/wiki\/Dallas \"Dallas\"), [Denver](https:\/\/en.wikipedia.org\/wiki\/Denver \"Denver\"), [Houston](https:\/\/en.wikipedia.org\/wiki\/Houston \"Houston\"), [Los Angeles](https:\/\/en.wikipedia.org\/wiki\/Los_Angeles \"Los Angeles\"), [Irvine](https:\/\/en.wikipedia.org\/wiki\/Irvine,_California \"Irvine, California\"), [San Francisco](https:\/\/en.wikipedia.org\/wiki\/San_Francisco \"San Francisco\"), [St. Louis](https:\/\/en.wikipedia.org\/wiki\/St._Louis \"St. Louis\"); [Whippany, New Jersey](https:\/\/en.wikipedia.org\/wiki\/Whippany,_New_Jersey \"Whippany, New Jersey\"); and [San Juan, Puerto Rico](https:\/\/en.wikipedia.org\/wiki\/San_Juan,_Puerto_Rico \"San Juan, Puerto Rico\"). Internationally the firm had offices in [London](https:\/\/en.wikipedia.org\/wiki\/London \"London\"), [Beijing](https:\/\/en.wikipedia.org\/wiki\/Beijing \"Beijing\"), [Dublin](https:\/\/en.wikipedia.org\/wiki\/Dublin \"Dublin\"), [Frankfurt](https:\/\/en.wikipedia.org\/wiki\/Frankfurt \"Frankfurt\"), [Hong Kong](https:\/\/en.wikipedia.org\/wiki\/Hong_Kong \"Hong Kong\"), [Lugano](https:\/\/en.wikipedia.org\/wiki\/Lugano \"Lugano\"), [Milan](https:\/\/en.wikipedia.org\/wiki\/Milan \"Milan\"), [São Paulo](https:\/\/en.wikipedia.org\/wiki\/S%C3%A3o_Paulo \"São Paulo\"), [Mumbai](https:\/\/en.wikipedia.org\/wiki\/Mumbai \"Mumbai\"), [Shanghai](https:\/\/en.wikipedia.org\/wiki\/Shanghai \"Shanghai\"), [Singapore](https:\/\/en.wikipedia.org\/wiki\/Singapore \"Singapore\") and [Tokyo](https:\/\/en.wikipedia.org\/wiki\/Tokyo \"Tokyo\").\n\nIn 2005–2007, Bear Stearns was recognized as the \"Most Admired\" securities firm in *[Fortune](https:\/\/en.wikipedia.org\/wiki\/Fortune_\$magazine\$ \"Fortune (magazine)\")*'s \"America's Most Admired Companies\" survey, and second overall in the securities firm section.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-9) The annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this \"top\" distinction.\n\n### Lead-up to the failure – increasing exposure to subprime mortgages\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=2 \"Edit section: Lead-up to the failure – increasing exposure to subprime mortgages\")\\]\n\nBy November 2006, the company had total capital of approximately \\$66.7 billion and total assets of \\$350.4 billion and according to the April 2005 issue of *[Institutional Investor](https:\/\/en.wikipedia.org\/wiki\/Institutional_Investor_\$magazine\$ \"Institutional Investor (magazine)\")* magazine, Bear Stearns was the seventh-largest securities firm in terms of total capital. A year later, Bear Stearns had [notional contract amounts](https:\/\/en.wikipedia.org\/wiki\/Notional_amount \"Notional amount\") of approximately \\$13.40 trillion in [derivative](https:\/\/en.wikipedia.org\/wiki\/Derivative_\$finance\$ \"Derivative (finance)\") financial instruments, of which \\$1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than \\$28 billion in ['level 3'](https:\/\/en.wikipedia.org\/wiki\/Fair_price#Fair_Value_Measurements_\$US_markets\$:_Exposure_Draft \"Fair price\") assets on its books at the end of fiscal 2007 versus a net equity position of only \\$11.1 billion. This \\$11.1 billion supported \\$395 billion in assets,[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-10) which means a [leverage ratio](https:\/\/en.wikipedia.org\/wiki\/Leverage_ratio \"Leverage ratio\") of 35.6 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of [counterparty](https:\/\/en.wikipedia.org\/wiki\/Counterparty \"Counterparty\") risk which would ensue from forced liquidation.\n\n### Start of the crisis – two subprime mortgage funds fail\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=3 \"Edit section: Start of the crisis – two subprime mortgage funds fail\")\\]\n\nMain article: [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\")\n\nSee also: [Subprime lending](https:\/\/en.wikipedia.org\/wiki\/Subprime_lending \"Subprime lending\") and [Collateralized debt obligation](https:\/\/en.wikipedia.org\/wiki\/Collateralized_debt_obligation \"Collateralized debt obligation\")\n\nOn June 22, 2007, Bear Stearns pledged a collateralized loan of up to \\$3.2 billion to \"bail out\" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just \\$25 million, so they were hesitant about the bailout; nonetheless, CEO James Cayne and other senior executives worried about the damage to the company's reputation.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-11)[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-12) The funds were invested in thinly traded [collateralized debt obligations](https:\/\/en.wikipedia.org\/wiki\/Collateralized_debt_obligation \"Collateralized debt obligation\") (CDOs). [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_Lynch \"Merrill Lynch\") seized \\$850 million worth of the underlying collateral but only was able to auction \\$100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-13)[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-14) [Richard A. Marin](https:\/\/en.wikipedia.org\/wiki\/Richard_Marin_\$investment_banker\$ \"Richard Marin (investment banker)\"), a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former vice chairman of rival investment bank [Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Lehman_Brothers \"Lehman Brothers\").[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-15)\n\nDuring the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of [Jake Zamansky](https:\/\/en.wikipedia.org\/wiki\/Jake_Zamansky_\$lawyer\$ \"Jake Zamansky (lawyer)\") & Associates and Rich & Intelisano both filed arbitration claims with the [National Association of Securities Dealers](https:\/\/en.wikipedia.org\/wiki\/National_Association_of_Securities_Dealers \"National Association of Securities Dealers\") alleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of the collapse of two hedge funds tied to subprime mortgages. A September 21 report in *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")* noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-16) With Samuel Molinaro's November 15th revelation that Bear Stearns was writing down a further \\$1.2 billion in mortgage-related securities and would face its first loss in 83 years, [Standard & Poor's](https:\/\/en.wikipedia.org\/wiki\/Standard_%26_Poor%27s \"Standard & Poor's\") downgraded the company's [credit rating](https:\/\/en.wikipedia.org\/wiki\/Credit_rating \"Credit rating\") from AA to A.[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-17)\n\nMatthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns, were arrested June 19, 2008.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-18) They faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi were also named in lawsuits brought by [Barclays Bank](https:\/\/en.wikipedia.org\/wiki\/Barclays_Bank \"Barclays Bank\"), which claimed they were one of the many investors misled by the executives.[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-19)[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-20) They were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns [High-Grade Structured Credit Strategies Enhanced Leverage Master Fund](https:\/\/en.wikipedia.org\/wiki\/High-Grade_Structured_Credit_Strategies_Enhanced_Leverage_Master_Fund \"High-Grade Structured Credit Strategies Enhanced Leverage Master Fund\") were worth much less than their professed values. The suit claimed that Bear Stearns managers devised \"a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments\". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when \"in reality, the portfolio's asset values were plummeting.\"[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-ap_61908-21)\n\n### Fed bailout and sale to JPMorgan Chase\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=4 \"Edit section: Fed bailout and sale to JPMorgan Chase\")\\]\n\nOn March 14, 2008, the Federal Reserve Bank of New York (\"FRBNY\") agreed to provide a \\$25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-22) The deal was then changed to where FRBNY would create a company (what would become [Maiden Lane LLC](https:\/\/en.wikipedia.org\/wiki\/Maiden_Lane_Transactions \"Maiden Lane Transactions\")) to buy \\$30 billion worth of Bear Stearns' assets, and Bear Stearns would be purchased by JPMorgan Chase in a [stock swap](https:\/\/en.wikipedia.org\/wiki\/Stock_swap \"Stock swap\") worth \\$2 a share, or less than 7 percent of Bear Stearns' market value just two days before.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-bloomberg.com-23) This sale price represented a staggering loss as its stock had traded at \\$172 a share as late as January 2007, and \\$93 a share as late as February 2008. Eventually, after renegotiating the purchase of Bear Stearns, Maiden Lane LLC was funded by a \\$29 billion first priority loan from FRBNY and a \\$1 billion subordinated loan from JPMorgan Chase, without further recourse to JPMorgan Chase.[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-24) The structure of the transaction, with both loans collateralized by securitized home mortgages[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-seekingalpha.com-25) and with the JPMorgan Chase loan bearing losses before the FRBNY loan, meant that FRBNY could not seize or otherwise encumber JPMorgan Chase's assets if the underlying collateral became insufficient to repay the FRBNY loan.[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-seekingalpha.com-25)[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-26) Federal Reserve Chairman [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") defended the bailout by stating that a bankruptcy of Bear Stearns would have affected the [real economy](https:\/\/en.wikipedia.org\/wiki\/Real_economy \"Real economy\") and could have caused a \"chaotic unwinding\" of investments across US markets.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-bloomberg.com-23)[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-27)\n\nOn March 20, [SEC](https:\/\/en.wikipedia.org\/wiki\/Securities_and_Exchange_Commission \"Securities and Exchange Commission\") Chairman [Christopher Cox](https:\/\/en.wikipedia.org\/wiki\/Christopher_Cox \"Christopher Cox\") said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns' problems escalated when rumors spread about its [liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\") which in turn eroded investor confidence in the firm. \"Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns\", said Cox. Bear Stearns' liquidity pool started at \\$18.1 billion on March 10 and then plummeted to \\$2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-28)\n\nOn March 24, 2008, a [class action](https:\/\/en.wikipedia.org\/wiki\/Class_action \"Class action\") suit was filed on behalf of shareholders, challenging the terms of JPMorgan's acquisition of Bear Stearns.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-29) That same day, a new agreement was reached that raised JPMorgan Chase's offer to \\$10 a share, up from the initial \\$2 offer, which meant an offer of \\$1.2 billion.[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-30) The revised deal was aimed to quiet upset investors and was necessitated by what was characterized as a loophole in a guarantee that was open-ended, despite the fact that the deal required shareholder approval.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-31) While it was not clear if JPMorgan's lawyers, [Wachtell, Lipton, Rosen & Katz](https:\/\/en.wikipedia.org\/wiki\/Wachtell,_Lipton,_Rosen_%26_Katz \"Wachtell, Lipton, Rosen & Katz\"), were to blame for the mistake in the hastily written contract, JPMorgan's CEO, [Jamie Dimon](https:\/\/en.wikipedia.org\/wiki\/Jamie_Dimon \"Jamie Dimon\"), was described as being \"apoplectic\" about the mistake.[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-32) The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, former Fed chairman [Paul Volcker](https:\/\/en.wikipedia.org\/wiki\/Paul_Volcker \"Paul Volcker\") stated that the Fed had taken actions that \"extend to the very edge of its lawful and implied powers.\" See his remarks at a luncheon of the Economic Club of New York.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-33) On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the \\$10-per-share price.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-34)\n\nAn article by journalist [Matt Taibbi](https:\/\/en.wikipedia.org\/wiki\/Matt_Taibbi \"Matt Taibbi\") for *[Rolling Stone](https:\/\/en.wikipedia.org\/wiki\/Rolling_Stone \"Rolling Stone\")* contended that [naked short selling](https:\/\/en.wikipedia.org\/wiki\/Naked_short_selling \"Naked short selling\") had a role in the demise of both Bear Stearns and Lehman Brothers.[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-Taibbi-35) A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found \"no evidence that stock price declines were caused by naked short selling.\"[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-36) *[Time](https:\/\/en.wikipedia.org\/wiki\/Time_\$magazine\$ \"Time (magazine)\")* magazine also labelled former Bear Sterns head [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\") as the CEO most responsible out of all the CEOs who \"screwed up Wall Street\" during the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\"), even reporting that \"none seemed more asleep at the switch than Bear Stearns' Cayne.\"[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-cayne2009-37)\n\n## Structure prior to collapse\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=5 \"Edit section: Structure prior to collapse\")\\]\n\n### Managing partners\/chief executive officers\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=6 \"Edit section: Managing partners\/chief executive officers\")\\]\n\n- [Salim L. Lewis](https:\/\/en.wikipedia.org\/wiki\/Salim_L._Lewis \"Salim L. Lewis\"): 1949–1978\n- [Alan C. Greenberg](https:\/\/en.wikipedia.org\/wiki\/Alan_C._Greenberg \"Alan C. Greenberg\"): 1978–1993\n- [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\"): 1993–2008\n- [Alan Schwartz](https:\/\/en.wikipedia.org\/wiki\/Alan_Schwartz \"Alan Schwartz\"): 2008\n\n### Major shareholders\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=7 \"Edit section: Major shareholders\")\\]\n\nThe largest Bear Stearns shareholders as of December 2007 were:[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-38)\n\n- Barrow Hanley Mewhinney & Strauss – 9.73%\n- [Joseph C. Lewis](https:\/\/en.wikipedia.org\/wiki\/Joe_Lewis_\$British_businessman\$ \"Joe Lewis (British businessman)\") – 9.36%\n- [Morgan Stanley](https:\/\/en.wikipedia.org\/wiki\/Morgan_Stanley \"Morgan Stanley\") – 5.37%\n- [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\") – 4.94%\n- [Legg Mason Capital Management](https:\/\/en.wikipedia.org\/wiki\/Legg_Mason \"Legg Mason\") – 4.84%\n- Private Capital Management – 4.49%\n- [Barclays Global Investors](https:\/\/en.wikipedia.org\/wiki\/Barclays_Global_Investors \"Barclays Global Investors\") – 3.10%\n- [State Street Global Advisors](https:\/\/en.wikipedia.org\/wiki\/State_Street_Global_Advisors \"State Street Global Advisors\") – 3.01%\n- [The Vanguard Group](https:\/\/en.wikipedia.org\/wiki\/The_Vanguard_Group \"The Vanguard Group\") – 2.67%\n- [Janus Capital Management](https:\/\/en.wikipedia.org\/wiki\/Janus_Capital_Group \"Janus Capital Group\") – 2.34%\n\n## See also\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=8 \"Edit section: See also\")\\]\n\n- [![flag](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/b\/ba\/Flag_of_New_York_City.svg\/40px-Flag_of_New_York_City.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Flag_of_New_York_City.svg)[New York City portal](https:\/\/en.wikipedia.org\/wiki\/Portal:New_York_City \"Portal:New York City\")\n- ![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/2\/2a\/Industry5.svg\/40px-Industry5.svg.png)[Companies portal](https:\/\/en.wikipedia.org\/wiki\/Portal:Companies \"Portal:Companies\")\n\n- [Bankruptcy of Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_Lehman_Brothers \"Bankruptcy of Lehman Brothers\")\n- [Irving Place Capital](https:\/\/en.wikipedia.org\/wiki\/Irving_Place_Capital \"Irving Place Capital\")\n- [Primary dealer](https:\/\/en.wikipedia.org\/wiki\/Primary_dealer \"Primary dealer\")\n\n## References\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=9 \"Edit section: References\")\\]\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-1)**\n   [\"Bear Stearns collapses, sold to J.P. Morgan Chase\"](https:\/\/www.history.com\/this-day-in-history\/bear-stearns-sold-to-j-p-morgan-chase). *History.com*. A\\&E Television Networks. January 19, 2018. Retrieved June 28, 2023.\n2. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-2)**\n   Lowenstein, Roger The End of Wall Street, Penguin Press 2010, pp.xvii,22\n   \n   [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n   \n   [978-1-59420-239-1](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-59420-239-1 \"Special:BookSources\/978-1-59420-239-1\")\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-3)**\n   Sorkin, Andrew Ross (March 24, 2008). [\"JPMorgan Raises Bid for Bear Stearns to \\$10 a Share\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/24\/business\/24deal-web.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). Retrieved February 15, 2025.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-4)**\n   Sorkin, Andrew Ross (March 17, 2008). [\"JP Morgan Pays \\$2 a Share for Bear Stearns\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/17\/business\/17bear.html). *The New York Times*. Retrieved February 15, 2025.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-5)**\n   Hester, Elizabeth (January 8, 2010). [\"Bear Stearns Brand Finally Fades, Two Years After Collapse\"](https:\/\/web.archive.org\/web\/20121102230952\/http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&sid=auV7mf.egsxI&pos=4). Bloomberg News. Archived from [the original](https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=auV7mf.egsxI&pos=4) on November 2, 2012. Retrieved February 15, 2025.\n6. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-better_6-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-better_6-1)\n   [\"Could Bear Stearns Do Better?\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/17\/business\/17dealbook-could-be21779.html). [DealBook](https:\/\/en.wikipedia.org\/wiki\/DealBook \"DealBook\"). *The New York Times*. March 17, 2008. Retrieved February 15, 2025.\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-BizHist_7-0)**\n   \"Bear Stearns Companies, Inc.\", *International Directory of Company Histories, Vol. 52*, St. James Press, 2003\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-8)**\n   Tim McLaughlin (November 28, 2007). [\"Bear Stearns to cut 650 jobs globally\"](https:\/\/www.reuters.com\/article\/us-bearstearns-jobs-idUSN2861070720071128). *[Reuters](https:\/\/en.wikipedia.org\/wiki\/Reuters \"Reuters\")*. [Archived](https:\/\/web.archive.org\/web\/20150924125334\/http:\/\/www.reuters.com\/article\/2007\/11\/28\/us-bearstearns-jobs-idUSN2861070720071128) from the original on September 24, 2015. Retrieved June 30, 2017.\n9. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-9)**\n   [\"America's Most Admired Companies 2007 Fortune\"](https:\/\/money.cnn.com\/magazines\/fortune\/mostadmired\/2007\/industries\/industry_52.html). *CNN*. Retrieved August 23, 2011.\n10. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-10)**\n    Boyd, Roddy (March 31, 2008). [\"The last days of Bear Stearns\"](https:\/\/web.archive.org\/web\/20080919002944\/https:\/\/money.cnn.com\/2008\/03\/28\/magazines\/fortune\/boyd_bear.fortune\/). *[Fortune](https:\/\/en.wikipedia.org\/wiki\/Fortune_\$magazine\$ \"Fortune (magazine)\")*. Archived from [the original](https:\/\/money.cnn.com\/2008\/03\/28\/magazines\/fortune\/boyd_bear.fortune\/) on September 19, 2008.\n    \n    Retrieved on September 30, 2008.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-11)**\n    Burrough, Bryan. [\"Bringing Down Bear Stearns\"](http:\/\/www.vanityfair.com\/politics\/features\/2008\/08\/bear_stearns200808). *[Vanity Fair](https:\/\/en.wikipedia.org\/wiki\/Vanity_Fair_\$magazine\$ \"Vanity Fair (magazine)\")*. Retrieved June 19, 2013.\n12. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-12)**\n    Creswell, Julie; Bajaj, Vikas (June 23, 2007), [\"\\$3.2 Billion Move by Bear Stearns to Rescue Fund\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2007\/06\/23\/business\/23bond.html), *The New York Times*, retrieved February 15, 2025\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-13)**\n    Siew, Walden; Yoon, Al (June 21, 2007), [\"Bear Stearns CDO liquidation sparks contagion fears\"](https:\/\/www.reuters.com\/article\/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622), *Reuters*, [archived](https:\/\/web.archive.org\/web\/20141006171930\/http:\/\/www.reuters.com\/article\/2007\/06\/22\/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622) from the original on October 6, 2014, retrieved June 30, 2017\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-14)**\n    Pittman, Mark (June 21, 2007). [\"Bear Stearns Fund Collapse Sends Shock Through CDOs\"](https:\/\/web.archive.org\/web\/20070930041720\/https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home). Bloomberg News. Archived from [the original](https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home) on September 30, 2007. Retrieved February 15, 2025.\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-15)**\n    Bajaj, Vikas (June 30, 2007), [\"Bear Stearns Shakes Up Funds Unit\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2007\/06\/30\/business\/30bear.html), *The New York Times*, retrieved February 15, 2025\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-16)**\n    Grynbaum, Michael M. (September 21, 2007), [\"Bear Stearns Profit Plunges 61% on Subprime Woes\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2007\/09\/21\/business\/20cnd-wall.html), *The New York Times*, retrieved February 15, 2025\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-17)**\n    Basar, Shanny; Ahuja, Vivek (November 15, 2007), [\"Bear downgraded in face of first loss in 83 years\"](http:\/\/www.efinancialnews.com\/investmentbanking\/content\/2449185055\/20755\/), *Financial News Online*, retrieved April 16, 2008\n18. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-18)**\n    [\"Behind the Scenes of Bear's Fund Meltdown\"](https:\/\/archive.nytimes.com\/dealbook.nytimes.com\/2008\/06\/19\/behind-the-scenes-of-bears-fund-implosion\/). DealBook. *The New York Times*. June 19, 2008. Retrieved February 15, 2025.\n19. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-19)**\n    Thomas, Landon Jr. (June 20, 2008). [\"Prosecutors Build Bear Stearns Case on E-Mails\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/06\/20\/business\/20bear.html). *The New York Times*. Retrieved February 15, 2025.\n20. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-20)**\n    Hays, Tom (June 19, 2008). [\"2 charged on Wall Street in mortgage meltdown\"](https:\/\/web.archive.org\/web\/20080620125236\/http:\/\/news.yahoo.com\/s\/ap\/20080619\/ap_on_bi_ge\/bear_stearns_investigation). Associated Press. Archived from [the original](https:\/\/news.yahoo.com\/s\/ap\/20080619\/ap_on_bi_ge\/bear_stearns_investigation) on June 20, 2008. Retrieved February 15, 2025.\n21. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-ap_61908_21-0)**\n    Hays, Tom. [\"Ex-Bear Stearns managers arrested at their homes\"](https:\/\/web.archive.org\/web\/20080619141549\/http:\/\/hosted.ap.org\/dynamic\/stories\/B\/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT). Archived from [the original](http:\/\/hosted.ap.org\/dynamic\/stories\/B\/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT) on June 19, 2008. Retrieved February 15, 2025.\n22. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-22)** [Frontline: Inside the Meltdown – You Have a Weekend to Save Yourself](https:\/\/www.pbs.org\/wgbh\/pages\/frontline\/video\/flv\/generic.html?s=frol02s1f81q752) Retrieved February 26, 2009\n23. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-bloomberg.com_23-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-bloomberg.com_23-1)\n    Onaran, Yalman (April 2, 2008). [\"Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says\"](https:\/\/web.archive.org\/web\/20120418172124\/http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&refer=worldwide&sid=a7coicThgaEE). Bloomberg News. Archived from [the original](https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&refer=worldwide&sid=a7coicThgaEE) on April 18, 2012. Retrieved February 15, 2025.\n24. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-24)**\n    [\"JPMorgan Chase and Bear Stearns Announce Amended Agreement\"](https:\/\/web.archive.org\/web\/20080326180008\/http:\/\/www.jpmorgan.com\/cm\/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template). JPMorgan Chase & Co. March 24, 2008. Archived from [the original](http:\/\/www.jpmorgan.com\/cm\/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template) on March 26, 2008.\n25. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-seekingalpha.com_25-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-seekingalpha.com_25-1)\n    [\"Bear Stearns Bondholders Win Big\"](https:\/\/seekingalpha.com\/article\/70098-bear-stearns-bondholders-win-big). Seeking Alpha. March 27, 2008. Retrieved June 19, 2013.\n26. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-26)**\n    [\"Weekly Market Comment: Why is Bear Stearns Trading at \\$6 Instead of \\$2\"](http:\/\/hussmanfunds.com\/wmc\/wmc080324.htm). Hussman Funds. March 24, 2008. Retrieved June 19, 2013.\n27. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-27)**\n    [\"Bernanke Defends Bear Stearns Bailout\"](https:\/\/www.cbsnews.com\/news\/bernanke-defends-bear-stearns-bailout\/). *CBS News*. April 3, 2008.\n28. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-28)**\n    [*Chairman Cox Letter To Basel Committee In Support Of New Guidance On Liquidity Management*](https:\/\/www.sec.gov\/news\/press\/2008\/2008-48_letter.pdf) (PDF), March 20, 2008, retrieved April 16, 2008\n29. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-29)**\n    [*C\\&T Files Complaint and Temporary Restraining Order Challenging Bear Stearns Buyout by JPMorgan*](https:\/\/web.archive.org\/web\/20080513013022\/http:\/\/www.chimicles.com\/bearstearns\/), March 24, 2008, archived from [the original](http:\/\/www.chimicles.com\/bearstearns\/) on May 13, 2008, retrieved April 16, 2008\n30. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-30)**\n    Thomas, Landon Jr; Dash, Eric (March 25, 2008). [\"Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/25\/business\/25bear.html). *The New York Times*. Retrieved February 15, 2025.\n31. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-31)**\n    Carney, John (January 14, 2019) \\[Mar 24, 2008\\]. [\"Did JP Morgan Understand The Bear Stearns Guarantee?\"](https:\/\/dealbreaker.com\/2008\/03\/did-jp-morgan-understand-the-bear-stearns-guarantee). *Dealbreaker*. Retrieved September 22, 2019.\n    \n    `{{cite web}}`: CS1 maint: deprecated archival service ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\"))\n32. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-32)**\n    Adams, Ken (March 24, 2008). [\"Drafting Errors in the Bear Stearns Merger Agreement? What a Shock!\"](https:\/\/www.adamsdrafting.com\/drafting-errors-bear-stearns\/). *Adams on Contract Drafting*. Retrieved September 23, 2019.\n33. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-33)** Niall Ferguson: The Ascent of Money: A Financial History of The World, Chapter 6: From Empire to Chimerica; Chimerica, p. 338\n34. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-34)**\n    White, Ben (May 29, 2008), [\"Bear Stearns passes into Wall Street history\"](https:\/\/www.ft.com\/content\/d42c01d2-2d8d-11dd-b92a-000077b07658), *[Financial Times](https:\/\/en.wikipedia.org\/wiki\/Financial_Times \"Financial Times\")*\n35. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-Taibbi_35-0)**\n    [Taibbi, Matt](https:\/\/en.wikipedia.org\/wiki\/Matt_Taibbi \"Matt Taibbi\") (October 2009). [\"Wall Street's Naked Swindle\"](https:\/\/www.rollingstone.com\/politics\/news\/wall-streets-naked-swindle-20100405). *Rolling Stone*. Retrieved October 15, 2009.\n36. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-36)** [Naked Short Selling: The Emperor's New Clothes?](http:\/\/www.cfr-cologne.de\/download\/workingpaper\/cfr-09-09.pdf) Centre for Financial Research, May 22, 2009.\n37. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-cayne2009_37-0)**\n    [\"25 People to Blame for the Financial Crisis\"](https:\/\/web.archive.org\/web\/20170819114637\/http:\/\/content.time.com\/time\/specials\/packages\/article\/0,28804,1877351_1877350_1877327,00.html). *[Time](https:\/\/en.wikipedia.org\/wiki\/Time_\$magazine\$ \"Time (magazine)\")*. February 11, 2009. Archived from the original on August 19, 2017. Retrieved December 28, 2021.\n38. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-38)**\n    Wright, William (March 17, 2008). [\"Employees lose \\$5bn on Bear Stearns\"](http:\/\/www.efinancialnews.com\/assetmanagement\/pensionfunds\/content\/2450071941). *Financial News*.\n    \n    Retrieved on September 30, 2008.\n\n## Further reading\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=10 \"Edit section: Further reading\")\\]\n\n- William Cohan, *[House of Cards: A Tale of Hubris and Wretched Excess on Wall Street](https:\/\/en.wikipedia.org\/wiki\/House_of_Cards_\$Cohan_book\$ \"House of Cards (Cohan book)\")*, 2010.\n\n## External links\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=11 \"Edit section: External links\")\\]\n\n- [Official site](https:\/\/web.archive.org\/web\/20080312203351\/http:\/\/www.bearstearns.com\/) at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\") (archived March 12, 2008)\n- [*Frontline*: Inside the Meltdown Analysis—The Bear Stearns Rescue](https:\/\/www.pbs.org\/wgbh\/pages\/frontline\/meltdown\/themes\/bear.html)\n- [*The New York Times* Timeline of Bear Stearns' history](https:\/\/archive.nytimes.com\/www.nytimes.com\/imagepages\/2008\/03\/17\/business\/20080317_BEAR_STEARNS_GRAPHIC.html)\n\n| Links to related articles |   |   |\n|---|---|---|\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:JPMorgan_Chase \"Template:JPMorgan Chase\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:JPMorgan_Chase \"Template talk:JPMorgan Chase\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:JPMorgan_Chase \"Special:EditPage\/Template:JPMorgan Chase\")[JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase \"JPMorgan Chase\") |   |   |\n| Divisions | [Beacon Rail](https:\/\/en.wikipedia.org\/wiki\/Beacon_Rail \"Beacon Rail\") [Chase Bank](https:\/\/en.wikipedia.org\/wiki\/Chase_Bank \"Chase Bank\") [Chase UK](https:\/\/en.wikipedia.org\/wiki\/Chase_UK \"Chase UK\") [Chase Paymentech](https:\/\/en.wikipedia.org\/wiki\/Chase_Paymentech \"Chase Paymentech\") Chase Card Services Canada EMC Mortgage Company [Highbridge Capital Management](https:\/\/en.wikipedia.org\/wiki\/Highbridge_Capital_Management \"Highbridge Capital Management\") [JP Morgan & Co](https:\/\/en.wikipedia.org\/wiki\/JP_Morgan_%26_Co \"JP Morgan & Co\") [One Equity Partners](https:\/\/en.wikipedia.org\/wiki\/One_Equity_Partners \"One Equity Partners\") | [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/0\/07\/J_P_Morgan_Chase_Logo_2008_1.svg\/250px-J_P_Morgan_Chase_Logo_2008_1.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:J_P_Morgan_Chase_Logo_2008_1.svg) |\n| Notable   executives |   |   |\n|   |   |   |\n| current | [Jamie Dimon](https:\/\/en.wikipedia.org\/wiki\/Jamie_Dimon \"Jamie Dimon\") (CEO) [Mary Callahan Erdoes](https:\/\/en.wikipedia.org\/wiki\/Mary_Callahan_Erdoes \"Mary Callahan Erdoes\") Daniel E. Pinto Gordon A. Smith [Marianne Lake](https:\/\/en.wikipedia.org\/wiki\/Marianne_Lake \"Marianne Lake\") [Jing Ulrich](https:\/\/en.wikipedia.org\/wiki\/Jing_Ulrich \"Jing Ulrich\") |   |\n| former | [John Pierpont Morgan](https:\/\/en.wikipedia.org\/wiki\/J._P._Morgan \"J. P. Morgan\") [J. P. Morgan Jr.](https:\/\/en.wikipedia.org\/wiki\/J._P._Morgan_Jr. \"J. P. Morgan Jr.\") [Junius Spencer Morgan](https:\/\/en.wikipedia.org\/wiki\/Junius_Spencer_Morgan \"Junius Spencer Morgan\") [George Peabody](https:\/\/en.wikipedia.org\/wiki\/George_Peabody \"George Peabody\") [Henry Sturgis Morgan](https:\/\/en.wikipedia.org\/wiki\/Henry_Sturgis_Morgan \"Henry Sturgis Morgan\") [David Rockefeller](https:\/\/en.wikipedia.org\/wiki\/David_Rockefeller \"David Rockefeller\") [William B. Harrison Jr.](https:\/\/en.wikipedia.org\/wiki\/William_B._Harrison_Jr. \"William B. Harrison Jr.\") [John B. McCoy](https:\/\/en.wikipedia.org\/wiki\/John_B._McCoy \"John B. McCoy\") [Walter V. Shipley](https:\/\/en.wikipedia.org\/wiki\/Walter_V._Shipley \"Walter V. Shipley\") [Douglas A. Warner III](https:\/\/en.wikipedia.org\/wiki\/Douglas_A._Warner_III \"Douglas A. Warner III\") [Temple Bowdoin](https:\/\/en.wikipedia.org\/wiki\/Temple_Bowdoin \"Temple Bowdoin\") [Jes Staley](https:\/\/en.wikipedia.org\/wiki\/Jes_Staley \"Jes Staley\") [Blythe Masters](https:\/\/en.wikipedia.org\/wiki\/Blythe_Masters \"Blythe Masters\") [James B. Lee Jr.](https:\/\/en.wikipedia.org\/wiki\/James_B._Lee_Jr. \"James B. Lee Jr.\") [Thomas W. Lamont](https:\/\/en.wikipedia.org\/wiki\/Thomas_W._Lamont \"Thomas W. Lamont\") [Dennis Weatherstone](https:\/\/en.wikipedia.org\/wiki\/Dennis_Weatherstone \"Dennis Weatherstone\") [John J. McCloy](https:\/\/en.wikipedia.org\/wiki\/John_J._McCloy \"John J. McCloy\") [Winthrop Aldrich](https:\/\/en.wikipedia.org\/wiki\/Winthrop_Aldrich \"Winthrop Aldrich\") Matthew Zames [Steven Black](https:\/\/en.wikipedia.org\/wiki\/Steven_Black_\$businessman\$ \"Steven Black (businessman)\") |   |\n| [Board of  directors](https:\/\/en.wikipedia.org\/wiki\/Board_of_directors \"Board of directors\") | Linda Bammann [Steve Burke](https:\/\/en.wikipedia.org\/wiki\/Steve_Burke_\$businessman\$ \"Steve Burke (businessman)\") [Todd Combs](https:\/\/en.wikipedia.org\/wiki\/Todd_Combs \"Todd Combs\") [James Crown](https:\/\/en.wikipedia.org\/wiki\/James_Crown \"James Crown\") [Jamie Dimon](https:\/\/en.wikipedia.org\/wiki\/Jamie_Dimon \"Jamie Dimon\") Timothy Flynn [Laban Jackson](https:\/\/en.wikipedia.org\/wiki\/Laban_Jackson \"Laban Jackson\") [Mellody Hobson](https:\/\/en.wikipedia.org\/wiki\/Mellody_Hobson \"Mellody Hobson\") Michael Neal [Phebe N. Novakovic](https:\/\/en.wikipedia.org\/wiki\/Phebe_N._Novakovic \"Phebe N. Novakovic\") [Virginia Rometty](https:\/\/en.wikipedia.org\/wiki\/Virginia_Rometty \"Virginia Rometty\") |   |\n| Historical  components | [American Fletcher](https:\/\/en.wikipedia.org\/wiki\/American_Fletcher_National_Bank \"American Fletcher National Bank\") [American Savings and Loan](https:\/\/en.wikipedia.org\/wiki\/American_Savings_and_Loan \"American Savings and Loan\") Anchor Savings Bank [Banca Commerciale Italiana Trust Co.](https:\/\/en.wikipedia.org\/wiki\/Banca_Commerciale_Italiana_Trust_Co. \"Banca Commerciale Italiana Trust Co.\") [Bank One](https:\/\/en.wikipedia.org\/wiki\/Bank_One_Corporation \"Bank One Corporation\") [Bank United of Texas](https:\/\/en.wikipedia.org\/wiki\/Bank_United_of_Texas \"Bank United of Texas\") [Bear Stearns]() [CenTrust Bank](https:\/\/en.wikipedia.org\/wiki\/CenTrust_Bank \"CenTrust Bank\") [Chase Manhattan Bank](https:\/\/en.wikipedia.org\/wiki\/Chase_Bank#Merger_as_Chase_Manhattan_Bank \"Chase Bank\") [Chatham Phenix National Bank and Trust Company of New York](https:\/\/en.wikipedia.org\/wiki\/Chatham_Phenix_National_Bank_and_Trust_Company_of_New_York \"Chatham Phenix National Bank and Trust Company of New York\") [Chemical Bank](https:\/\/en.wikipedia.org\/wiki\/Chemical_Bank \"Chemical Bank\") [Continental Bank & Trust](https:\/\/en.wikipedia.org\/wiki\/Continental_Bank_and_Trust_Company \"Continental Bank and Trust Company\") [Corn Exchange Bank](https:\/\/en.wikipedia.org\/wiki\/Corn_Exchange_Bank \"Corn Exchange Bank\") [Dime Savings Bank of New York](https:\/\/en.wikipedia.org\/wiki\/Dime_Savings_Bank_of_New_York \"Dime Savings Bank of New York\") [First Chicago](https:\/\/en.wikipedia.org\/wiki\/First_Chicago_Bank \"First Chicago Bank\") [First USA](https:\/\/en.wikipedia.org\/wiki\/First_USA_Bank \"First USA Bank\") [Fourth National Bank of New York](https:\/\/en.wikipedia.org\/wiki\/Fourth_National_Bank_of_New_York \"Fourth National Bank of New York\") [Great Western Bank](https:\/\/en.wikipedia.org\/wiki\/Great_Western_Bank_\$1919%E2%80%931997\$ \"Great Western Bank (1919–1997)\") [Hambrecht & Quist](https:\/\/en.wikipedia.org\/wiki\/Hambrecht_%26_Quist \"Hambrecht & Quist\") [HF Ahmanson & Co.](https:\/\/en.wikipedia.org\/wiki\/HF_Ahmanson_%26_Co. \"HF Ahmanson & Co.\") [Indiana National](https:\/\/en.wikipedia.org\/wiki\/INB_Financial_Corporation \"INB Financial Corporation\") [Jardine Fleming](https:\/\/en.wikipedia.org\/wiki\/Jardine_Fleming \"Jardine Fleming\") [JP Morgan & Co](https:\/\/en.wikipedia.org\/wiki\/JP_Morgan_%26_Co \"JP Morgan & Co\") [Lincoln Savings](https:\/\/en.wikipedia.org\/wiki\/Lincoln_Savings \"Lincoln Savings\") [Manufacturers Hanover](https:\/\/en.wikipedia.org\/wiki\/Manufacturers_Hanover \"Manufacturers Hanover\") [Mechanics and Metals National Bank](https:\/\/en.wikipedia.org\/wiki\/Mechanics_and_Metals_National_Bank \"Mechanics and Metals National Bank\") [Metropolitan Trust Company](https:\/\/en.wikipedia.org\/wiki\/Metropolitan_Trust_Company \"Metropolitan Trust Company\") [National Bank of Detroit](https:\/\/en.wikipedia.org\/wiki\/National_Bank_of_Detroit \"National Bank of Detroit\") [National Bank of Commerce in New York](https:\/\/en.wikipedia.org\/wiki\/National_Bank_of_Commerce_in_New_York \"National Bank of Commerce in New York\") [National Park Bank](https:\/\/en.wikipedia.org\/wiki\/National_Park_Bank \"National Park Bank\") [New York Trust Company](https:\/\/en.wikipedia.org\/wiki\/New_York_Trust_Company \"New York Trust Company\") [Ord Minnett](https:\/\/en.wikipedia.org\/wiki\/Ord_Minnett \"Ord Minnett\") [Providian](https:\/\/en.wikipedia.org\/wiki\/Providian \"Providian\") [Robert Fleming & Co](https:\/\/en.wikipedia.org\/wiki\/Robert_Fleming_%26_Co \"Robert Fleming & Co\") [State Bank of Chicago](https:\/\/en.wikipedia.org\/wiki\/State_Bank_of_Chicago \"State Bank of Chicago\") [Texas Commerce Bank](https:\/\/en.wikipedia.org\/wiki\/Texas_Commerce_Bank \"Texas Commerce Bank\") [The Manhattan Company](https:\/\/en.wikipedia.org\/wiki\/The_Manhattan_Company \"The Manhattan Company\") [Trust Company of America](https:\/\/en.wikipedia.org\/wiki\/Trust_Company_of_America \"Trust Company of America\") [Valley National Bank of Arizona](https:\/\/en.wikipedia.org\/wiki\/Valley_National_Bank_of_Arizona \"Valley National Bank of Arizona\") [Washington Mutual](https:\/\/en.wikipedia.org\/wiki\/Washington_Mutual \"Washington Mutual\") |   |\n| Buildings | [125 London Wall](https:\/\/en.wikipedia.org\/wiki\/125_London_Wall \"125 London Wall\") [245 Park Avenue](https:\/\/en.wikipedia.org\/wiki\/245_Park_Avenue \"245 Park Avenue\") [25 Bank Street](https:\/\/en.wikipedia.org\/wiki\/25_Bank_Street \"25 Bank Street\") [270 Park Avenue (1960–2021)](https:\/\/en.wikipedia.org\/wiki\/270_Park_Avenue_\$1960%E2%80%932021\$ \"270 Park Avenue (1960–2021)\") [270 Park Avenue (2025–present)](https:\/\/en.wikipedia.org\/wiki\/270_Park_Avenue_\$2025%E2%80%93present\$ \"270 Park Avenue (2025–present)\") [277 Park Avenue](https:\/\/en.wikipedia.org\/wiki\/277_Park_Avenue \"277 Park Avenue\") [383 Madison Avenue](https:\/\/en.wikipedia.org\/wiki\/383_Madison_Avenue \"383 Madison Avenue\") [Chase Center](https:\/\/en.wikipedia.org\/wiki\/Chase_Center \"Chase Center\") [Chase Field](https:\/\/en.wikipedia.org\/wiki\/Chase_Field \"Chase Field\") [Chase Tower (Amarillo)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Amarillo\$ \"Chase Tower (Amarillo)\") [Chase Tower (Chicago)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Chicago\$ \"Chase Tower (Chicago)\") [Chase Tower (Dallas)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Dallas\$ \"Chase Tower (Dallas)\") [Chase Tower (El Paso)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$El_Paso\$ \"Chase Tower (El Paso)\") [Chase Tower (Englewood, Colorado)](https:\/\/en.wikipedia.org\/w\/index.php?title=Chase_Tower_\$Englewood,_Colorado\$&action=edit&redlink=1 \"Chase Tower (Englewood, Colorado) (page does not exist)\") [Chase Tower (Indianapolis)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Indianapolis\$ \"Chase Tower (Indianapolis)\") [Chase Tower (Milwaukee)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Milwaukee\$ \"Chase Tower (Milwaukee)\") [Chase Tower (Oklahoma City)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Oklahoma_City\$ \"Chase Tower (Oklahoma City)\") [Chase Tower (Phoenix)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Phoenix\$ \"Chase Tower (Phoenix)\") [Chase Tower (Rochester)](https:\/\/en.wikipedia.org\/wiki\/Chase_Tower_\$Rochester\$ \"Chase Tower (Rochester)\") [Chater House](https:\/\/en.wikipedia.org\/wiki\/Chater_House \"Chater House\") [Indiana Michigan Power Center (Fort Wayne)](https:\/\/en.wikipedia.org\/wiki\/Summit_Square \"Summit Square\") [JPMorgan Chase Building (San Francisco)](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase_Building_\$San_Francisco\$ \"JPMorgan Chase Building (San Francisco)\") [JPMorgan Chase Tower (Houston)](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase_Tower_\$Houston\$ \"JPMorgan Chase Tower (Houston)\") [McCoy Center](https:\/\/en.wikipedia.org\/wiki\/McCoy_Center \"McCoy Center\") [One Chase Manhattan Plaza](https:\/\/en.wikipedia.org\/wiki\/28_Liberty_Street \"28 Liberty Street\") [The Qube (Detroit)](https:\/\/en.wikipedia.org\/wiki\/The_Qube_\$Detroit\$ \"The Qube (Detroit)\") |   |\n| ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) **[Category](https:\/\/en.wikipedia.org\/wiki\/Category:JPMorgan_Chase \"Category:JPMorgan Chase\")** [![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/4\/4a\/Commons-logo.svg\/20px-Commons-logo.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Commons-logo.svg \"Commons page\") **[Commons](https:\/\/commons.wikimedia.org\/wiki\/Category:JPMorgan_Chase \"commons:Category:JPMorgan Chase\")** [![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/0\/0b\/Wikiversity_logo_2017.svg\/20px-Wikiversity_logo_2017.svg.png)](https:\/\/en.wikipedia.org\/wiki\/File:Wikiversity_logo_2017.svg \"Wikiversity page\") **[Wikiversity](https:\/\/en.wikiversity.org\/wiki\/JPMorgan_Chase \"v:JPMorgan Chase\")** |   |   |\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Investment_banks \"Template:Investment banks\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Investment_banks \"Template talk:Investment banks\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Investment_banks \"Special:EditPage\/Template:Investment banks\")[Investment banks](https:\/\/en.wikipedia.org\/wiki\/Investment_banking \"Investment banking\") |   |   |\n| Divisions of  [universal banks](https:\/\/en.wikipedia.org\/wiki\/Universal_bank \"Universal bank\") |   |   |\n|   |   |   |\n| [Bulge bracket](https:\/\/en.wikipedia.org\/wiki\/Bulge_bracket \"Bulge bracket\") | [Barclays](https:\/\/en.wikipedia.org\/wiki\/Barclays \"Barclays\") [Bank of America](https:\/\/en.wikipedia.org\/wiki\/Bank_of_America \"Bank of America\") [Citigroup](https:\/\/en.wikipedia.org\/wiki\/Citigroup \"Citigroup\") [Deutsche Bank](https:\/\/en.wikipedia.org\/wiki\/Deutsche_Bank \"Deutsche Bank\") [JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase \"JPMorgan Chase\") [UBS](https:\/\/en.wikipedia.org\/wiki\/UBS \"UBS\") |   |\n| [Americas](https:\/\/en.wikipedia.org\/wiki\/Americas \"Americas\") | [Bradesco BBI](https:\/\/en.wikipedia.org\/wiki\/Banco_Bradesco \"Banco Bradesco\") [BMO Capital Markets](https:\/\/en.wikipedia.org\/wiki\/BMO_Capital_Markets \"BMO Capital Markets\") [CIBC Capital Markets](https:\/\/en.wikipedia.org\/wiki\/CIBC_Capital_Markets \"CIBC Capital Markets\") [Itaú BBA](https:\/\/en.wikipedia.org\/wiki\/Ita%C3%BA_Unibanco \"Itaú Unibanco\") [National Bank Financial Markets](https:\/\/en.wikipedia.org\/wiki\/National_Bank_of_Canada \"National Bank of Canada\") [RBC Capital Markets](https:\/\/en.wikipedia.org\/wiki\/RBC_Capital_Markets \"RBC Capital Markets\") [Scotiabank GBM](https:\/\/en.wikipedia.org\/wiki\/Scotiabank \"Scotiabank\") [TD Securities](https:\/\/en.wikipedia.org\/wiki\/TD_Securities \"TD Securities\") [TD Cowen](https:\/\/en.wikipedia.org\/wiki\/TD_Cowen \"TD Cowen\") [Wells Fargo Securities](https:\/\/en.wikipedia.org\/wiki\/Wells_Fargo \"Wells Fargo\") |   |\n| [EMEA](https:\/\/en.wikipedia.org\/wiki\/Europe,_the_Middle_East_and_Africa \"Europe, the Middle East and Africa\") | [Banca Akros](https:\/\/en.wikipedia.org\/wiki\/Banca_Akros \"Banca Akros\") [Banca IMI](https:\/\/en.wikipedia.org\/wiki\/Banca_IMI \"Banca IMI\") [BNP Paribas CIB](https:\/\/en.wikipedia.org\/wiki\/BNP_Paribas_CIB \"BNP Paribas CIB\") [Crédit Agricole CIB](https:\/\/en.wikipedia.org\/wiki\/Cr%C3%A9dit_Agricole_Corporate_and_Investment_Bank \"Crédit Agricole Corporate and Investment Bank\") [Credit Suisse](https:\/\/en.wikipedia.org\/wiki\/Credit_Suisse \"Credit Suisse\") [Danske Bank LC\\&I](https:\/\/en.wikipedia.org\/wiki\/Danske_Bank \"Danske Bank\") [First Abu Dhabi Bank CIB](https:\/\/en.wikipedia.org\/wiki\/First_Abu_Dhabi_Bank \"First Abu Dhabi Bank\") [Handelsbanken Capital Markets](https:\/\/en.wikipedia.org\/wiki\/Handelsbanken \"Handelsbanken\") [HSBC GBM](https:\/\/en.wikipedia.org\/wiki\/HSBC \"HSBC\") [ING WB](https:\/\/en.wikipedia.org\/wiki\/ING_Group \"ING Group\") [İş Yatırım](https:\/\/en.wikipedia.org\/wiki\/%C4%B0%C5%9F_Yat%C4%B1r%C4%B1m \"İş Yatırım\") [Lloyds Bank Corporate Markets](https:\/\/en.wikipedia.org\/wiki\/Lloyds_Bank_Corporate_Markets \"Lloyds Bank Corporate Markets\") [Natixis](https:\/\/en.wikipedia.org\/wiki\/Natixis \"Natixis\") [NatWest Markets](https:\/\/en.wikipedia.org\/wiki\/NatWest_Markets \"NatWest Markets\") [Nordea CI\\&IB](https:\/\/en.wikipedia.org\/wiki\/Nordea \"Nordea\") [Santander CIB](https:\/\/en.wikipedia.org\/wiki\/Banco_Santander \"Banco Santander\") [Sberbank CIB](https:\/\/en.wikipedia.org\/wiki\/Sberbank_CIB \"Sberbank CIB\") [SEB LC\\&FI](https:\/\/en.wikipedia.org\/wiki\/SEB_Group \"SEB Group\") [Société Générale CIB](https:\/\/en.wikipedia.org\/wiki\/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale \"Société Générale\") [Standard Chartered CCIB](https:\/\/en.wikipedia.org\/wiki\/Standard_Chartered \"Standard Chartered\") [UniCredit CIB](https:\/\/en.wikipedia.org\/wiki\/UniCredit \"UniCredit\") [VTB Capital](https:\/\/en.wikipedia.org\/wiki\/VTB_Capital \"VTB Capital\") |   |\n| [APAC](https:\/\/en.wikipedia.org\/wiki\/Asia%E2%80%93Pacific \"Asia–Pacific\") | [BOC International](https:\/\/en.wikipedia.org\/wiki\/BOC_International \"BOC International\") [CITIC Securities](https:\/\/en.wikipedia.org\/wiki\/CITIC_Securities \"CITIC Securities\") [CLSA](https:\/\/en.wikipedia.org\/wiki\/CLSA \"CLSA\") [CSC Financial](https:\/\/en.wikipedia.org\/wiki\/CSC_Financial \"CSC Financial\") [Mitsubishi UFJ Securities](https:\/\/en.wikipedia.org\/wiki\/Mitsubishi_UFJ_Securities \"Mitsubishi UFJ Securities\") [Mizuho Securities](https:\/\/en.wikipedia.org\/wiki\/Mizuho_Securities \"Mizuho Securities\") [NH Investment & Securities](https:\/\/en.wikipedia.org\/wiki\/NH_Investment_%26_Securities \"NH Investment & Securities\") [SBI Capital Markets](https:\/\/en.wikipedia.org\/wiki\/SBI_Capital_Markets \"SBI Capital Markets\") [SMBC Nikko Securities](https:\/\/en.wikipedia.org\/wiki\/SMBC_Nikko_Securities \"SMBC Nikko Securities\") [UOB-Kay Hian](https:\/\/en.wikipedia.org\/wiki\/UOB-Kay_Hian \"UOB-Kay Hian\") |   |\n| Independents |   |   |\n|   |   |   |\n| Bulge bracket | [Goldman Sachs](https:\/\/en.wikipedia.org\/wiki\/Goldman_Sachs \"Goldman Sachs\") [Morgan Stanley](https:\/\/en.wikipedia.org\/wiki\/Morgan_Stanley \"Morgan Stanley\") |   |\n| Americas | [Allen & Company](https:\/\/en.wikipedia.org\/wiki\/Allen_%26_Company \"Allen & Company\") [B.C. Ziegler](https:\/\/en.wikipedia.org\/wiki\/B.C._Ziegler \"B.C. Ziegler\") [B. Riley Financial](https:\/\/en.wikipedia.org\/wiki\/B._Riley_Financial \"B. Riley Financial\") [FBR Capital Markets](https:\/\/en.wikipedia.org\/wiki\/FBR_Capital_Markets \"FBR Capital Markets\") [Baird](https:\/\/en.wikipedia.org\/wiki\/Baird_\$investment_bank\$ \"Baird (investment bank)\") [BDT & MSD Partners](https:\/\/en.wikipedia.org\/wiki\/BDT_%26_MSD_Partners \"BDT & MSD Partners\") [Brown Brothers Harriman](https:\/\/en.wikipedia.org\/wiki\/Brown_Brothers_Harriman \"Brown Brothers Harriman\") [Brown Gibbons Lang & Company](https:\/\/en.wikipedia.org\/wiki\/Brown_Gibbons_Lang_%26_Company \"Brown Gibbons Lang & Company\") [BTG Pactual](https:\/\/en.wikipedia.org\/wiki\/BTG_Pactual \"BTG Pactual\") [Canaccord Genuity](https:\/\/en.wikipedia.org\/wiki\/Canaccord_Genuity \"Canaccord Genuity\") [Cantor Fitzgerald](https:\/\/en.wikipedia.org\/wiki\/Cantor_Fitzgerald \"Cantor Fitzgerald\") [Centerview Partners](https:\/\/en.wikipedia.org\/wiki\/Centerview_Partners \"Centerview Partners\") [Drexel Hamilton](https:\/\/en.wikipedia.org\/wiki\/Drexel_Hamilton \"Drexel Hamilton\") [Ducera Partners](https:\/\/en.wikipedia.org\/wiki\/Ducera_Partners \"Ducera Partners\") [Evercore](https:\/\/en.wikipedia.org\/wiki\/Evercore \"Evercore\") [Financial Technology Partners](https:\/\/en.wikipedia.org\/wiki\/Financial_Technology_Partners \"Financial Technology Partners\") [Greenhill & Co.](https:\/\/en.wikipedia.org\/wiki\/Greenhill_%26_Co. \"Greenhill & Co.\") [Guggenheim Partners](https:\/\/en.wikipedia.org\/wiki\/Guggenheim_Partners \"Guggenheim Partners\") [Harris Williams & Co.](https:\/\/en.wikipedia.org\/wiki\/Harris_Williams_%26_Co. \"Harris Williams & Co.\") [Houlihan Lokey](https:\/\/en.wikipedia.org\/wiki\/Houlihan_Lokey \"Houlihan Lokey\") [Jefferies](https:\/\/en.wikipedia.org\/wiki\/Jefferies_Group \"Jefferies Group\") [Lazard](https:\/\/en.wikipedia.org\/wiki\/Lazard \"Lazard\") [Leerink Partners](https:\/\/en.wikipedia.org\/wiki\/Leerink_Partners \"Leerink Partners\") [Lincoln International](https:\/\/en.wikipedia.org\/wiki\/Lincoln_International \"Lincoln International\") [LionTree](https:\/\/en.wikipedia.org\/wiki\/LionTree \"LionTree\") [Marathon Capital](https:\/\/en.wikipedia.org\/wiki\/Marathon_Capital \"Marathon Capital\") [Moelis & Company](https:\/\/en.wikipedia.org\/wiki\/Moelis_%26_Company \"Moelis & Company\") [Oppenheimer](https:\/\/en.wikipedia.org\/wiki\/Oppenheimer_Holdings \"Oppenheimer Holdings\") [Perella Weinberg Partners](https:\/\/en.wikipedia.org\/wiki\/Perella_Weinberg_Partners \"Perella Weinberg Partners\") [Piper Sandler](https:\/\/en.wikipedia.org\/wiki\/Piper_Sandler \"Piper Sandler\") [PJT Partners](https:\/\/en.wikipedia.org\/wiki\/PJT_Partners \"PJT Partners\") [Qatalyst Partners](https:\/\/en.wikipedia.org\/wiki\/Qatalyst_Partners \"Qatalyst Partners\") [The Raine Group](https:\/\/en.wikipedia.org\/wiki\/The_Raine_Group \"The Raine Group\") [Raymond James Financial](https:\/\/en.wikipedia.org\/wiki\/Raymond_James_Financial \"Raymond James Financial\") [Roth Capital Partners](https:\/\/en.wikipedia.org\/wiki\/Roth_Capital_Partners \"Roth Capital Partners\") [Seabury Capital](https:\/\/en.wikipedia.org\/wiki\/Seabury_Capital \"Seabury Capital\") [Solomon Partners](https:\/\/en.wikipedia.org\/wiki\/Solomon_Partners \"Solomon Partners\") [Stephens Inc.](https:\/\/en.wikipedia.org\/wiki\/Stephens_Inc. \"Stephens Inc.\") [Stifel](https:\/\/en.wikipedia.org\/wiki\/Stifel \"Stifel\") [Keefe, Bruyette & Woods](https:\/\/en.wikipedia.org\/wiki\/Keefe,_Bruyette_%26_Woods \"Keefe, Bruyette & Woods\") [Miller Buckfire & Co.](https:\/\/en.wikipedia.org\/wiki\/Miller_Buckfire_%26_Co. \"Miller Buckfire & Co.\") [Stone Key Partners](https:\/\/en.wikipedia.org\/wiki\/Stone_Key_Partners \"Stone Key Partners\") [Wedbush Securities](https:\/\/en.wikipedia.org\/wiki\/Wedbush_Securities \"Wedbush Securities\") [William Blair & Company](https:\/\/en.wikipedia.org\/wiki\/William_Blair_%26_Company \"William Blair & Company\") |   |\n| EMEA | [Arbuthnot Latham](https:\/\/en.wikipedia.org\/wiki\/Arbuthnot_Latham \"Arbuthnot Latham\") [AAIB](https:\/\/en.wikipedia.org\/wiki\/African_Alliance_Investment_Bank \"African Alliance Investment Bank\") [ABG Sundal Collier](https:\/\/en.wikipedia.org\/wiki\/ABG_Sundal_Collier \"ABG Sundal Collier\") [Berenberg Bank](https:\/\/en.wikipedia.org\/wiki\/Berenberg_Bank \"Berenberg Bank\") [Bpifrance](https:\/\/en.wikipedia.org\/wiki\/Bpifrance \"Bpifrance\") [Carnegie](https:\/\/en.wikipedia.org\/wiki\/Carnegie_Investment_Bank \"Carnegie Investment Bank\") [EFG Hermes](https:\/\/en.wikipedia.org\/wiki\/EFG_Hermes \"EFG Hermes\") [Investec](https:\/\/en.wikipedia.org\/wiki\/Investec \"Investec\") [Kempen](https:\/\/en.wikipedia.org\/wiki\/Van_Lanschot_Kempen \"Van Lanschot Kempen\") [Mediobanca](https:\/\/en.wikipedia.org\/wiki\/Mediobanca \"Mediobanca\") [Numis](https:\/\/en.wikipedia.org\/wiki\/Numis \"Numis\") [Renaissance Capital](https:\/\/en.wikipedia.org\/wiki\/Renaissance_Capital_\$Russian_company\$ \"Renaissance Capital (Russian company)\") [Robey Warshaw](https:\/\/en.wikipedia.org\/wiki\/Robey_Warshaw \"Robey Warshaw\") [Rothschild & Co](https:\/\/en.wikipedia.org\/wiki\/Rothschild_%26_Co \"Rothschild & Co\") [Zaoui & Co.](https:\/\/en.wikipedia.org\/wiki\/Zaoui_%26_Co. \"Zaoui & Co.\") |   |\n| APAC | [Barrenjoey Capital Partners](https:\/\/en.wikipedia.org\/wiki\/Barrenjoey_Capital_Partners \"Barrenjoey Capital Partners\") [China Galaxy Securities](https:\/\/en.wikipedia.org\/wiki\/China_Galaxy_Securities \"China Galaxy Securities\") [China International Capital Corporation](https:\/\/en.wikipedia.org\/wiki\/China_International_Capital_Corporation \"China International Capital Corporation\") [China Renaissance](https:\/\/en.wikipedia.org\/wiki\/China_Renaissance \"China Renaissance\") [Daiwa Securities Group](https:\/\/en.wikipedia.org\/wiki\/Daiwa_Securities_Group \"Daiwa Securities Group\") [Everbright Securities](https:\/\/en.wikipedia.org\/wiki\/Everbright_Securities \"Everbright Securities\") [GF Securities](https:\/\/en.wikipedia.org\/wiki\/GF_Securities \"GF Securities\") [Guosen Securities](https:\/\/en.wikipedia.org\/wiki\/Guosen_Securities \"Guosen Securities\") [Guotai Haitong Securities](https:\/\/en.wikipedia.org\/wiki\/Guotai_Haitong_Securities \"Guotai Haitong Securities\") [Huatai Securities](https:\/\/en.wikipedia.org\/wiki\/Huatai_Securities \"Huatai Securities\") [JM Financial](https:\/\/en.wikipedia.org\/wiki\/JM_Financial \"JM Financial\") [Macquarie Group](https:\/\/en.wikipedia.org\/wiki\/Macquarie_Group \"Macquarie Group\") [Mirae Asset Securities](https:\/\/en.wikipedia.org\/wiki\/Mirae_Asset_Securities \"Mirae Asset Securities\") [Nomura Securities](https:\/\/en.wikipedia.org\/wiki\/Nomura_Securities \"Nomura Securities\") [Orient Securities](https:\/\/en.wikipedia.org\/wiki\/Orient_Securities \"Orient Securities\") [Samsung Securities](https:\/\/en.wikipedia.org\/wiki\/Samsung_Securities \"Samsung Securities\") [Shenwan Hongyuan](https:\/\/en.wikipedia.org\/wiki\/Shenwan_Hongyuan \"Shenwan Hongyuan\") [Somerley Capital](https:\/\/en.wikipedia.org\/wiki\/Somerley_Capital \"Somerley Capital\") [Zhongtai Securities](https:\/\/en.wikipedia.org\/wiki\/Zhongtai_Securities \"Zhongtai Securities\") |   |\n| ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/9\/96\/Symbol_category_class.svg\/20px-Symbol_category_class.svg.png) [Category](https:\/\/en.wikipedia.org\/wiki\/Category:Investment_banks \"Category:Investment banks\") ![](https:\/\/upload.wikimedia.org\/wikipedia\/en\/thumb\/d\/db\/Symbol_list_class.svg\/20px-Symbol_list_class.svg.png) [List](https:\/\/en.wikipedia.org\/wiki\/List_of_investment_banks \"List of investment banks\") |   |   |\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Corporate_scandals \"Template:Corporate scandals\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Corporate_scandals \"Template talk:Corporate scandals\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Corporate_scandals \"Special:EditPage\/Template:Corporate scandals\")[Corporate scandals](https:\/\/en.wikipedia.org\/wiki\/List_of_corporate_collapses_and_scandals \"List of corporate collapses and scandals\") |   |   |\n| [South Sea Company](https:\/\/en.wikipedia.org\/wiki\/South_Sea_Company \"South Sea Company\") (1720) [Panic of 1890 (Baring crisis)](https:\/\/en.wikipedia.org\/wiki\/Baring_crisis \"Baring crisis\") (1890) [Salad Oil](https:\/\/en.wikipedia.org\/wiki\/Salad_Oil_scandal \"Salad Oil scandal\") (1963) [Kinney Services, Inc.](https:\/\/en.wikipedia.org\/wiki\/Kinney_National_Company#Financial_scandal,_spinoff_and_reorganization \"Kinney National Company\") (1971) [Banco Ambrosiano](https:\/\/en.wikipedia.org\/wiki\/Banco_Ambrosiano \"Banco Ambrosiano\") (1982) [Carrian Group](https:\/\/en.wikipedia.org\/wiki\/Carrian_Group \"Carrian Group\") (1983) [Guinness](https:\/\/en.wikipedia.org\/wiki\/Guinness_share-trading_fraud \"Guinness share-trading fraud\") (1986) [Bofors scandal](https:\/\/en.wikipedia.org\/wiki\/Bofors_scandal \"Bofors scandal\") (1990) [Polly Peck](https:\/\/en.wikipedia.org\/wiki\/Polly_Peck \"Polly Peck\") (1990) [Bank of Credit and Commerce International](https:\/\/en.wikipedia.org\/wiki\/Bank_of_Credit_and_Commerce_International \"Bank of Credit and Commerce International\") (1990) [Robert Maxwell](https:\/\/en.wikipedia.org\/wiki\/Robert_Maxwell \"Robert Maxwell\") (1991) [Indian stock market scam](https:\/\/en.wikipedia.org\/wiki\/1992_Indian_stock_market_scam \"1992 Indian stock market scam\") (1992) [Banesto](https:\/\/en.wikipedia.org\/wiki\/Banesto#1993_crisis_&_intervention \"Banesto\") (1993) [Metallgesellschaft](https:\/\/en.wikipedia.org\/wiki\/Metallgesellschaft#Hedging_debacle \"Metallgesellschaft\") (1993) [Towers Financial Corporation](https:\/\/en.wikipedia.org\/wiki\/Towers_Financial_Corporation \"Towers Financial Corporation\") (1993) [Barings Bank](https:\/\/en.wikipedia.org\/wiki\/Barings_Bank \"Barings Bank\") (1995) [Sumitomo Corporation](https:\/\/en.wikipedia.org\/wiki\/Sumitomo_copper_affair \"Sumitomo copper affair\") (1996) [Lysine price-fixing conspiracy](https:\/\/en.wikipedia.org\/wiki\/Lysine_price-fixing_conspiracy \"Lysine price-fixing conspiracy\") (1997) [Daewoo](https:\/\/en.wikipedia.org\/wiki\/Daewoo_dissolution_and_corruption_scandal \"Daewoo dissolution and corruption scandal\") (1999–2006) [Long-Term Capital Management](https:\/\/en.wikipedia.org\/wiki\/Long-Term_Capital_Management \"Long-Term Capital Management\") (2000) [CINAR](https:\/\/en.wikipedia.org\/wiki\/CINAR_scandal \"CINAR scandal\") (2000) [One.Tel](https:\/\/en.wikipedia.org\/wiki\/One.Tel \"One.Tel\") (2001) [Enron](https:\/\/en.wikipedia.org\/wiki\/Enron_scandal \"Enron scandal\") (2001) [Adelphia](https:\/\/en.wikipedia.org\/wiki\/Adelphia_Communications_Corporation \"Adelphia Communications Corporation\") (2002) [WorldCom](https:\/\/en.wikipedia.org\/wiki\/WorldCom_scandal \"WorldCom scandal\") (2002) [Parmalat](https:\/\/en.wikipedia.org\/wiki\/Parmalat_bankruptcy_timeline \"Parmalat bankruptcy timeline\") (2003–2005) [Tyco](https:\/\/en.wikipedia.org\/wiki\/Tyco_International#Corporate_scandal_of_2002 \"Tyco International\") (2004) [Bayou Hedge Fund Group](https:\/\/en.wikipedia.org\/wiki\/Bayou_Hedge_Fund_Group \"Bayou Hedge Fund Group\") (2005) [Société Générale](https:\/\/en.wikipedia.org\/wiki\/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss \"2008 Société Générale trading loss\") (2008) [Bear Stearns](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#Subprime_mortgage_hedge_fund_crisis) (2008) [Libor](https:\/\/en.wikipedia.org\/wiki\/Libor_scandal \"Libor scandal\") (2008–2012) [Anglo Irish Bank](https:\/\/en.wikipedia.org\/wiki\/Anglo_Irish_Bank_hidden_loans_controversy \"Anglo Irish Bank hidden loans controversy\") (2008–2011) [Volkswagen emissions scandal](https:\/\/en.wikipedia.org\/wiki\/Volkswagen_emissions_scandal \"Volkswagen emissions scandal\") (2008–2015) [Satyam](https:\/\/en.wikipedia.org\/wiki\/Satyam_scandal \"Satyam scandal\") (2009) [2G spectrum case](https:\/\/en.wikipedia.org\/wiki\/2G_spectrum_case \"2G spectrum case\") (2010–2019) [National Herald corruption case](https:\/\/en.wikipedia.org\/wiki\/National_Herald_corruption_case \"National Herald corruption case\") (2010–ongoing) [News Corporation scandal](https:\/\/en.wikipedia.org\/wiki\/News_Corporation_scandal \"News Corporation scandal\") (2011) [Olympus](https:\/\/en.wikipedia.org\/wiki\/Olympus_scandal \"Olympus scandal\") (2011) [Indian coal allocation scam](https:\/\/en.wikipedia.org\/wiki\/Indian_coal_allocation_scam \"Indian coal allocation scam\") (2012) [OCZ](https:\/\/en.wikipedia.org\/wiki\/OCZ#Accounting_practices \"OCZ\") (2012–2013) [Saradha Group financial scandal](https:\/\/en.wikipedia.org\/wiki\/Saradha_Group_financial_scandal \"Saradha Group financial scandal\") (2013–ongoing) [Forex](https:\/\/en.wikipedia.org\/wiki\/Forex_scandal \"Forex scandal\") (2013–ongoing) [Toshiba](https:\/\/en.wikipedia.org\/wiki\/Toshiba#2015_accounting_scandal \"Toshiba\") (2015) [1Malaysia Development Berhad](https:\/\/en.wikipedia.org\/wiki\/1Malaysia_Development_Berhad_scandal \"1Malaysia Development Berhad scandal\") (2015–ongoing) [Wells Fargo account fraud scandal](https:\/\/en.wikipedia.org\/wiki\/Wells_Fargo_account_fraud_scandal \"Wells Fargo account fraud scandal\") (2016–ongoing) [Facebook–Cambridge Analytica data scandal](https:\/\/en.wikipedia.org\/wiki\/Facebook%E2%80%93Cambridge_Analytica_data_scandal \"Facebook–Cambridge Analytica data scandal\") (2018) [Moser Baer](https:\/\/en.wikipedia.org\/wiki\/Moser_Baer \"Moser Baer\") (2019) [Wirecard](https:\/\/en.wikipedia.org\/wiki\/Wirecard_scandal \"Wirecard scandal\") (2020) [Nikola](https:\/\/en.wikipedia.org\/wiki\/Nikola_Corporation#Fraud_allegations \"Nikola Corporation\") (2020) [Facebook company files leak](https:\/\/en.wikipedia.org\/wiki\/2021_Facebook_leak \"2021 Facebook leak\") (2021) |   |   |\n| [Accounting scandals](https:\/\/en.wikipedia.org\/wiki\/Accounting_scandals \"Accounting scandals\") [Corporate haven](https:\/\/en.wikipedia.org\/wiki\/Corporate_haven \"Corporate haven\") [Unreported employment](https:\/\/en.wikipedia.org\/wiki\/Unreported_employment \"Unreported employment\") |   |   |\n| [v](https:\/\/en.wikipedia.org\/wiki\/Template:Great_Recession \"Template:Great Recession\") [t](https:\/\/en.wikipedia.org\/wiki\/Template_talk:Great_Recession \"Template talk:Great Recession\") [e](https:\/\/en.wikipedia.org\/wiki\/Special:EditPage\/Template:Great_Recession \"Special:EditPage\/Template:Great Recession\")[Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") |   |   |\n| By region | [Africa](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Africa \"Great Recession in Africa\") [Americas](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_Americas \"Great Recession in the Americas\") [United States](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_the_United_States \"Great Recession in the United States\") [South America](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_South_America \"Great Recession in South America\") [Asia](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Asia \"Great Recession in Asia\") [Europe](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Europe \"Great Recession in Europe\") [Iceland](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932011_Icelandic_financial_crisis \"2008–2011 Icelandic financial crisis\") [Oceania](https:\/\/en.wikipedia.org\/wiki\/Great_Recession_in_Oceania \"Great Recession in Oceania\") |   |\n| United States-specific | [Automotive industry crisis](https:\/\/en.wikipedia.org\/wiki\/Automotive_industry_crisis_of_2008%E2%80%932010 \"Automotive industry crisis of 2008–2010\") [California budget crisis](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932012_California_budget_crisis \"2008–2012 California budget crisis\") [Housing bubble](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_bubble \"United States housing bubble\") [Housing market correction](https:\/\/en.wikipedia.org\/wiki\/United_States_housing_market_correction \"United States housing market correction\") [Subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\") |   |\n| Banking losses and fraud | [Libor scandal](https:\/\/en.wikipedia.org\/wiki\/Libor_scandal \"Libor scandal\") [Tom Hayes](https:\/\/en.wikipedia.org\/wiki\/Tom_Hayes_\$trader\$ \"Tom Hayes (trader)\") [Société Générale trading loss](https:\/\/en.wikipedia.org\/wiki\/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss \"2008 Société Générale trading loss\") [Icesave dispute](https:\/\/en.wikipedia.org\/wiki\/Icesave_dispute \"Icesave dispute\") [Forex scandal](https:\/\/en.wikipedia.org\/wiki\/Forex_scandal \"Forex scandal\") [Bernie Madoff](https:\/\/en.wikipedia.org\/wiki\/Bernie_Madoff \"Bernie Madoff\") [Tom Petters](https:\/\/en.wikipedia.org\/wiki\/Tom_Petters \"Tom Petters\") [Scott W. Rothstein](https:\/\/en.wikipedia.org\/wiki\/Scott_W._Rothstein \"Scott W. Rothstein\") [Allen Stanford](https:\/\/en.wikipedia.org\/wiki\/Allen_Stanford \"Allen Stanford\") |   |\n| Government entities | [Consumer Financial Protection Bureau](https:\/\/en.wikipedia.org\/wiki\/Consumer_Financial_Protection_Bureau \"Consumer Financial Protection Bureau\") [Federal Deposit Insurance Corporation](https:\/\/en.wikipedia.org\/wiki\/Federal_Deposit_Insurance_Corporation \"Federal Deposit Insurance Corporation\") [Federal Home Loan Banks](https:\/\/en.wikipedia.org\/wiki\/Federal_Home_Loan_Banks \"Federal Home Loan Banks\") [Federal Housing Administration](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Administration \"Federal Housing Administration\") [Federal Housing Finance Agency](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Finance_Agency \"Federal Housing Finance Agency\") [Federal Housing Finance Board](https:\/\/en.wikipedia.org\/wiki\/Federal_Housing_Finance_Board \"Federal Housing Finance Board\") [Federal Reserve System](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_System \"Federal Reserve System\") [Government National Mortgage Association](https:\/\/en.wikipedia.org\/wiki\/Government_National_Mortgage_Association \"Government National Mortgage Association\") [National Asset Management Agency](https:\/\/en.wikipedia.org\/wiki\/National_Asset_Management_Agency \"National Asset Management Agency\") [Office of Federal Housing Enterprise Oversight](https:\/\/en.wikipedia.org\/wiki\/Office_of_Federal_Housing_Enterprise_Oversight \"Office of Federal Housing Enterprise Oversight\") [Office of Financial Stability](https:\/\/en.wikipedia.org\/wiki\/Assistant_Secretary_of_the_Treasury_for_Financial_Stability \"Assistant Secretary of the Treasury for Financial Stability\") [UK Financial Investments](https:\/\/en.wikipedia.org\/wiki\/UK_Financial_Investments \"UK Financial Investments\") |   |\n| Government policy and spending responses |   |   |\n| Banking and finance  stability and reform |   |   |\n|   |   |   |\n| Bank stress tests | [EU](https:\/\/en.wikipedia.org\/wiki\/2010_European_Union_bank_stress_test \"2010 European Union bank stress test\") [U.S.](https:\/\/en.wikipedia.org\/wiki\/2009_Supervisory_Capital_Assessment_Program \"2009 Supervisory Capital Assessment Program\") |   |\n| Stimulus and recovery | [2008 European Union stimulus plan](https:\/\/en.wikipedia.org\/wiki\/2008_European_Union_stimulus_plan \"2008 European Union stimulus plan\") [2008–2009 Keynesian resurgence](https:\/\/en.wikipedia.org\/wiki\/2008%E2%80%932009_Keynesian_resurgence \"2008–2009 Keynesian resurgence\") [American Recovery and Reinvestment Act of 2009](https:\/\/en.wikipedia.org\/wiki\/American_Recovery_and_Reinvestment_Act_of_2009 \"American Recovery and Reinvestment Act of 2009\") [Chinese economic stimulus program](https:\/\/en.wikipedia.org\/wiki\/Chinese_economic_stimulus_program \"Chinese economic stimulus program\") [Economic Stimulus Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Economic_Stimulus_Act_of_2008 \"Economic Stimulus Act of 2008\") [Fraud Enforcement and Recovery Act of 2009](https:\/\/en.wikipedia.org\/wiki\/Fraud_Enforcement_and_Recovery_Act_of_2009 \"Fraud Enforcement and Recovery Act of 2009\") [Green New Deal](https:\/\/en.wikipedia.org\/wiki\/Green_New_Deal \"Green New Deal\") [Housing and Economic Recovery Act of 2008](https:\/\/en.wikipedia.org\/wiki\/Housing_and_Economic_Recovery_Act_of_2008 \"Housing and Economic Recovery Act of 2008\") [National fiscal policy response to the Great Recession](https:\/\/en.wikipedia.org\/wiki\/National_fiscal_policy_response_to_the_Great_Recession \"National fiscal policy response to the Great Recession\") [Zero interest-rate policy](https:\/\/en.wikipedia.org\/wiki\/Zero_interest-rate_policy \"Zero interest-rate policy\") |   |\n| Government interventions,  rescues, and acquisitions |   |   |\n|   |   |   |\n| Non-banking | 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protests](https:\/\/en.wikipedia.org\/wiki\/Tea_Party_protests \"Tea Party protests\") (United States; c. 2009) [2009 May Day protests](https:\/\/en.wikipedia.org\/wiki\/2009_May_Day_protests \"2009 May Day protests\") (Europe, Middle East and North Africa, Asia; 2009) [Arab Spring](https:\/\/en.wikipedia.org\/wiki\/Arab_Spring \"Arab Spring\") (MENA; 2010–2012) [Occupy movement](https:\/\/en.wikipedia.org\/wiki\/Occupy_movement \"Occupy movement\") (worldwide; 2011–2012) [Occupy Wall Street](https:\/\/en.wikipedia.org\/wiki\/Occupy_Wall_Street \"Occupy Wall Street\") |   |\n| Related topics | [2000s energy crisis](https:\/\/en.wikipedia.org\/wiki\/2000s_energy_crisis \"2000s energy crisis\") [2008 Central Asia energy crisis](https:\/\/en.wikipedia.org\/wiki\/2008_Central_Asia_energy_crisis \"2008 Central Asia energy crisis\") [Effects of the Great Recession on museums](https:\/\/en.wikipedia.org\/wiki\/Effects_of_the_Great_Recession_on_museums \"Effects of the Great Recession on museums\") [Decline of newspapers](https:\/\/en.wikipedia.org\/wiki\/Decline_of_newspapers \"Decline of newspapers\") [2007–2008 world food price crisis](https:\/\/en.wikipedia.org\/wiki\/2007%E2%80%932008_world_food_price_crisis \"2007–2008 world food price crisis\") [Retail apocalypse](https:\/\/en.wikipedia.org\/wiki\/Retail_apocalypse \"Retail apocalypse\") |   |\n| [Euro area crisis](https:\/\/en.wikipedia.org\/wiki\/Euro_area_crisis \"Euro area crisis\") [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") [List of countries by public debt](https:\/\/en.wikipedia.org\/wiki\/List_of_countries_by_public_debt \"List of countries by public debt\") |   |   |\n\n| [Authority control databases](https:\/\/en.wikipedia.org\/wiki\/Help:Authority_control \"Help:Authority control\") [![Edit this at 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Stearns](https:\/\/en.wikipedia.org\/wiki\/Robert_B._Stearns \"Robert B. Stearns\") |\n| Defunct | March 16, 2008; 18 years ago[\\[1\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-1) |\n| Fate | Went out of business as a result of the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") and the [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\") Acquired by [JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase \"JPMorgan Chase\") |\n| Successor | JPMorgan Chase |\n| Headquarters | [New York City](https:\/\/en.wikipedia.org\/wiki\/New_York_City \"New York City\"), New York, U.S. |\n| Key people | [Alan Schwartz](https:\/\/en.wikipedia.org\/wiki\/Alan_Schwartz \"Alan Schwartz\") (former CEO)  [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\") (former chairman and CEO)  [David Robert Malpass](https:\/\/en.wikipedia.org\/wiki\/David_Robert_Malpass \"David Robert Malpass\") (chief economist for the last six years before its failure) |\n| Products | [Financial services](https:\/\/en.wikipedia.org\/wiki\/Financial_services \"Financial services\") [Investment banking](https:\/\/en.wikipedia.org\/wiki\/Investment_banking \"Investment banking\") [Investment management](https:\/\/en.wikipedia.org\/wiki\/Investment_management \"Investment management\") |\n\n**The Bear Stearns Companies, Inc.** was an American [investment bank](https:\/\/en.wikipedia.org\/wiki\/Investment_bank \"Investment bank\"), [securities](https:\/\/en.wikipedia.org\/wiki\/Security_\$finance\$ \"Security (finance)\") trading, and [brokerage firm](https:\/\/en.wikipedia.org\/wiki\/Brokerage_firm \"Brokerage firm\") that famously failed during the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") and the [Great Recession](https:\/\/en.wikipedia.org\/wiki\/Great_Recession \"Great Recession\"). After its closure, it was subsequently sold to [JPMorgan Chase](https:\/\/en.wikipedia.org\/wiki\/JPMorgan_Chase \"JPMorgan Chase\"). The company's main business areas before its failure were [capital markets](https:\/\/en.wikipedia.org\/wiki\/Capital_market \"Capital market\"), investment banking, [wealth management](https:\/\/en.wikipedia.org\/wiki\/Wealth_management \"Wealth management\"), and global [clearing](https:\/\/en.wikipedia.org\/wiki\/Clearing_\$finance\$ \"Clearing (finance)\") services, and it was heavily involved in the [subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\").\n\nIn the years leading up to the failure, Bear Stearns was heavily involved in [securitization](https:\/\/en.wikipedia.org\/wiki\/Securitization \"Securitization\") and issued large amounts of [asset-backed securities](https:\/\/en.wikipedia.org\/wiki\/Asset-backed_security \"Asset-backed security\") which were, in the case of mortgages, pioneered by [Lewis Ranieri](https:\/\/en.wikipedia.org\/wiki\/Lewis_Ranieri \"Lewis Ranieri\"), \"the father of mortgage securities.\"[\\[2\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-2) As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the [subprime mortgage crisis](https:\/\/en.wikipedia.org\/wiki\/Subprime_mortgage_crisis \"Subprime mortgage crisis\"). In March 2008, the [Federal Reserve Bank of New York](https:\/\/en.wikipedia.org\/wiki\/Federal_Reserve_Bank_of_New_York \"Federal Reserve Bank of New York\") provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for \\$10 per share,[\\[3\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-3) a price far below its pre-crisis 52-week high of \\$133.20 per share, but not as low as the \\$2 per share originally agreed upon.[\\[4\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-4)\n\nThe collapse of the company was a prelude to the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\") and the meltdown of the investment banking industry in the United States and elsewhere. In January 2010, JPMorgan ceased using the Bear Stearns name.[\\[5\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-5)\n\n[![](https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/3\/3a\/BearStearns.JPG\/250px-BearStearns.JPG)](https:\/\/en.wikipedia.org\/wiki\/File:BearStearns.JPG)\n\nBear Stearns' former offices at [383 Madison Avenue](https:\/\/en.wikipedia.org\/wiki\/383_Madison_Avenue \"383 Madison Avenue\")\n\nBear Stearns was founded as an [equity trading](https:\/\/en.wikipedia.org\/wiki\/Equity_trading \"Equity trading\") house on May 1, 1923, by [Joseph Ainslie Bear](https:\/\/en.wikipedia.org\/wiki\/Joseph_Ainslie_Bear \"Joseph Ainslie Bear\"), [Robert B. Stearns](https:\/\/en.wikipedia.org\/wiki\/Robert_B._Stearns \"Robert B. Stearns\") and Harold C. Mayer with \\$500,000 in capital (equivalent to \\$9,448,242 in 2025). Internal tensions quickly arose among the three founders resulting in at least one public tussling. The firm survived the [Wall Street Crash of 1929](https:\/\/en.wikipedia.org\/wiki\/Wall_Street_Crash_of_1929 \"Wall Street Crash of 1929\") without laying off any employees and by 1933 opened its first branch office in [Chicago](https:\/\/en.wikipedia.org\/wiki\/Chicago \"Chicago\"). In 1955 the firm opened its first international office in [Amsterdam](https:\/\/en.wikipedia.org\/wiki\/Amsterdam \"Amsterdam\").[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-better-6)\n\nIn 1985, Bear Stearns became a publicly traded company.[\\[6\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-better-6) It served corporations, institutions, governments, and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients and other professional traders, including [securities lending](https:\/\/en.wikipedia.org\/wiki\/Securities_lending \"Securities lending\").[\\[7\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-BizHist-7)\n\nBear Stearns' World Headquarters was located at [383 Madison Avenue](https:\/\/en.wikipedia.org\/wiki\/383_Madison_Avenue \"383 Madison Avenue\"), between East 46th Street and East 47th Street in [Manhattan](https:\/\/en.wikipedia.org\/wiki\/Manhattan \"Manhattan\"). By 2007, the company employed more than 15,500 people worldwide.[\\[8\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-8) The firm was headquartered in New York City with offices in [Atlanta](https:\/\/en.wikipedia.org\/wiki\/Atlanta \"Atlanta\"), [Boston](https:\/\/en.wikipedia.org\/wiki\/Boston \"Boston\"), Chicago, [Dallas](https:\/\/en.wikipedia.org\/wiki\/Dallas \"Dallas\"), [Denver](https:\/\/en.wikipedia.org\/wiki\/Denver \"Denver\"), [Houston](https:\/\/en.wikipedia.org\/wiki\/Houston \"Houston\"), [Los Angeles](https:\/\/en.wikipedia.org\/wiki\/Los_Angeles \"Los Angeles\"), [Irvine](https:\/\/en.wikipedia.org\/wiki\/Irvine,_California \"Irvine, California\"), [San Francisco](https:\/\/en.wikipedia.org\/wiki\/San_Francisco \"San Francisco\"), [St. Louis](https:\/\/en.wikipedia.org\/wiki\/St._Louis \"St. Louis\"); [Whippany, New Jersey](https:\/\/en.wikipedia.org\/wiki\/Whippany,_New_Jersey \"Whippany, New Jersey\"); and [San Juan, Puerto Rico](https:\/\/en.wikipedia.org\/wiki\/San_Juan,_Puerto_Rico \"San Juan, Puerto Rico\"). Internationally the firm had offices in [London](https:\/\/en.wikipedia.org\/wiki\/London \"London\"), [Beijing](https:\/\/en.wikipedia.org\/wiki\/Beijing \"Beijing\"), [Dublin](https:\/\/en.wikipedia.org\/wiki\/Dublin \"Dublin\"), [Frankfurt](https:\/\/en.wikipedia.org\/wiki\/Frankfurt \"Frankfurt\"), [Hong Kong](https:\/\/en.wikipedia.org\/wiki\/Hong_Kong \"Hong Kong\"), [Lugano](https:\/\/en.wikipedia.org\/wiki\/Lugano \"Lugano\"), [Milan](https:\/\/en.wikipedia.org\/wiki\/Milan \"Milan\"), [São Paulo](https:\/\/en.wikipedia.org\/wiki\/S%C3%A3o_Paulo \"São Paulo\"), [Mumbai](https:\/\/en.wikipedia.org\/wiki\/Mumbai \"Mumbai\"), [Shanghai](https:\/\/en.wikipedia.org\/wiki\/Shanghai \"Shanghai\"), [Singapore](https:\/\/en.wikipedia.org\/wiki\/Singapore \"Singapore\") and [Tokyo](https:\/\/en.wikipedia.org\/wiki\/Tokyo \"Tokyo\").\n\nIn 2005–2007, Bear Stearns was recognized as the \"Most Admired\" securities firm in *[Fortune](https:\/\/en.wikipedia.org\/wiki\/Fortune_\$magazine\$ \"Fortune (magazine)\")*'s \"America's Most Admired Companies\" survey, and second overall in the securities firm section.[\\[9\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-9) The annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this \"top\" distinction.\n\n### Lead-up to the failure – increasing exposure to subprime mortgages\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=2 \"Edit section: Lead-up to the failure – increasing exposure to subprime mortgages\")\\]\n\nBy November 2006, the company had total capital of approximately \\$66.7 billion and total assets of \\$350.4 billion and according to the April 2005 issue of *[Institutional Investor](https:\/\/en.wikipedia.org\/wiki\/Institutional_Investor_\$magazine\$ \"Institutional Investor (magazine)\")* magazine, Bear Stearns was the seventh-largest securities firm in terms of total capital. A year later, Bear Stearns had [notional contract amounts](https:\/\/en.wikipedia.org\/wiki\/Notional_amount \"Notional amount\") of approximately \\$13.40 trillion in [derivative](https:\/\/en.wikipedia.org\/wiki\/Derivative_\$finance\$ \"Derivative (finance)\") financial instruments, of which \\$1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than \\$28 billion in ['level 3'](https:\/\/en.wikipedia.org\/wiki\/Fair_price#Fair_Value_Measurements_\$US_markets\$:_Exposure_Draft \"Fair price\") assets on its books at the end of fiscal 2007 versus a net equity position of only \\$11.1 billion. This \\$11.1 billion supported \\$395 billion in assets,[\\[10\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-10) which means a [leverage ratio](https:\/\/en.wikipedia.org\/wiki\/Leverage_ratio \"Leverage ratio\") of 35.6 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of [counterparty](https:\/\/en.wikipedia.org\/wiki\/Counterparty \"Counterparty\") risk which would ensue from forced liquidation.\n\n### Start of the crisis – two subprime mortgage funds fail\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=3 \"Edit section: Start of the crisis – two subprime mortgage funds fail\")\\]\n\nOn June 22, 2007, Bear Stearns pledged a collateralized loan of up to \\$3.2 billion to \"bail out\" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just \\$25 million, so they were hesitant about the bailout; nonetheless, CEO James Cayne and other senior executives worried about the damage to the company's reputation.[\\[11\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-11)[\\[12\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-12) The funds were invested in thinly traded [collateralized debt obligations](https:\/\/en.wikipedia.org\/wiki\/Collateralized_debt_obligation \"Collateralized debt obligation\") (CDOs). [Merrill Lynch](https:\/\/en.wikipedia.org\/wiki\/Merrill_Lynch \"Merrill Lynch\") seized \\$850 million worth of the underlying collateral but only was able to auction \\$100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.[\\[13\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-13)[\\[14\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-14) [Richard A. Marin](https:\/\/en.wikipedia.org\/wiki\/Richard_Marin_\$investment_banker\$ \"Richard Marin (investment banker)\"), a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former vice chairman of rival investment bank [Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Lehman_Brothers \"Lehman Brothers\").[\\[15\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-15)\n\nDuring the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of [Jake Zamansky](https:\/\/en.wikipedia.org\/wiki\/Jake_Zamansky_\$lawyer\$ \"Jake Zamansky (lawyer)\") & Associates and Rich & Intelisano both filed arbitration claims with the [National Association of Securities Dealers](https:\/\/en.wikipedia.org\/wiki\/National_Association_of_Securities_Dealers \"National Association of Securities Dealers\") alleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of the collapse of two hedge funds tied to subprime mortgages. A September 21 report in *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")* noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses.[\\[16\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-16) With Samuel Molinaro's November 15th revelation that Bear Stearns was writing down a further \\$1.2 billion in mortgage-related securities and would face its first loss in 83 years, [Standard & Poor's](https:\/\/en.wikipedia.org\/wiki\/Standard_%26_Poor%27s \"Standard & Poor's\") downgraded the company's [credit rating](https:\/\/en.wikipedia.org\/wiki\/Credit_rating \"Credit rating\") from AA to A.[\\[17\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-17)\n\nMatthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns, were arrested June 19, 2008.[\\[18\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-18) They faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi were also named in lawsuits brought by [Barclays Bank](https:\/\/en.wikipedia.org\/wiki\/Barclays_Bank \"Barclays Bank\"), which claimed they were one of the many investors misled by the executives.[\\[19\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-19)[\\[20\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-20) They were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns [High-Grade Structured Credit Strategies Enhanced Leverage Master Fund](https:\/\/en.wikipedia.org\/wiki\/High-Grade_Structured_Credit_Strategies_Enhanced_Leverage_Master_Fund \"High-Grade Structured Credit Strategies Enhanced Leverage Master Fund\") were worth much less than their professed values. The suit claimed that Bear Stearns managers devised \"a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments\". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when \"in reality, the portfolio's asset values were plummeting.\"[\\[21\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-ap_61908-21)\n\n### Fed bailout and sale to JPMorgan Chase\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=4 \"Edit section: Fed bailout and sale to JPMorgan Chase\")\\]\n\nOn March 14, 2008, the Federal Reserve Bank of New York (\"FRBNY\") agreed to provide a \\$25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them.[\\[22\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-22) The deal was then changed to where FRBNY would create a company (what would become [Maiden Lane LLC](https:\/\/en.wikipedia.org\/wiki\/Maiden_Lane_Transactions \"Maiden Lane Transactions\")) to buy \\$30 billion worth of Bear Stearns' assets, and Bear Stearns would be purchased by JPMorgan Chase in a [stock swap](https:\/\/en.wikipedia.org\/wiki\/Stock_swap \"Stock swap\") worth \\$2 a share, or less than 7 percent of Bear Stearns' market value just two days before.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-bloomberg.com-23) This sale price represented a staggering loss as its stock had traded at \\$172 a share as late as January 2007, and \\$93 a share as late as February 2008. Eventually, after renegotiating the purchase of Bear Stearns, Maiden Lane LLC was funded by a \\$29 billion first priority loan from FRBNY and a \\$1 billion subordinated loan from JPMorgan Chase, without further recourse to JPMorgan Chase.[\\[24\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-24) The structure of the transaction, with both loans collateralized by securitized home mortgages[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-seekingalpha.com-25) and with the JPMorgan Chase loan bearing losses before the FRBNY loan, meant that FRBNY could not seize or otherwise encumber JPMorgan Chase's assets if the underlying collateral became insufficient to repay the FRBNY loan.[\\[25\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-seekingalpha.com-25)[\\[26\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-26) Federal Reserve Chairman [Ben Bernanke](https:\/\/en.wikipedia.org\/wiki\/Ben_Bernanke \"Ben Bernanke\") defended the bailout by stating that a bankruptcy of Bear Stearns would have affected the [real economy](https:\/\/en.wikipedia.org\/wiki\/Real_economy \"Real economy\") and could have caused a \"chaotic unwinding\" of investments across US markets.[\\[23\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-bloomberg.com-23)[\\[27\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-27)\n\nOn March 20, [SEC](https:\/\/en.wikipedia.org\/wiki\/Securities_and_Exchange_Commission \"Securities and Exchange Commission\") Chairman [Christopher Cox](https:\/\/en.wikipedia.org\/wiki\/Christopher_Cox \"Christopher Cox\") said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns' problems escalated when rumors spread about its [liquidity crisis](https:\/\/en.wikipedia.org\/wiki\/Liquidity_crisis \"Liquidity crisis\") which in turn eroded investor confidence in the firm. \"Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns\", said Cox. Bear Stearns' liquidity pool started at \\$18.1 billion on March 10 and then plummeted to \\$2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.[\\[28\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-28)\n\nOn March 24, 2008, a [class action](https:\/\/en.wikipedia.org\/wiki\/Class_action \"Class action\") suit was filed on behalf of shareholders, challenging the terms of JPMorgan's acquisition of Bear Stearns.[\\[29\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-29) That same day, a new agreement was reached that raised JPMorgan Chase's offer to \\$10 a share, up from the initial \\$2 offer, which meant an offer of \\$1.2 billion.[\\[30\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-30) The revised deal was aimed to quiet upset investors and was necessitated by what was characterized as a loophole in a guarantee that was open-ended, despite the fact that the deal required shareholder approval.[\\[31\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-31) While it was not clear if JPMorgan's lawyers, [Wachtell, Lipton, Rosen & Katz](https:\/\/en.wikipedia.org\/wiki\/Wachtell,_Lipton,_Rosen_%26_Katz \"Wachtell, Lipton, Rosen & Katz\"), were to blame for the mistake in the hastily written contract, JPMorgan's CEO, [Jamie Dimon](https:\/\/en.wikipedia.org\/wiki\/Jamie_Dimon \"Jamie Dimon\"), was described as being \"apoplectic\" about the mistake.[\\[32\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-32) The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, former Fed chairman [Paul Volcker](https:\/\/en.wikipedia.org\/wiki\/Paul_Volcker \"Paul Volcker\") stated that the Fed had taken actions that \"extend to the very edge of its lawful and implied powers.\" See his remarks at a luncheon of the Economic Club of New York.[\\[33\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-33) On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the \\$10-per-share price.[\\[34\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-34)\n\nAn article by journalist [Matt Taibbi](https:\/\/en.wikipedia.org\/wiki\/Matt_Taibbi \"Matt Taibbi\") for *[Rolling Stone](https:\/\/en.wikipedia.org\/wiki\/Rolling_Stone \"Rolling Stone\")* contended that [naked short selling](https:\/\/en.wikipedia.org\/wiki\/Naked_short_selling \"Naked short selling\") had a role in the demise of both Bear Stearns and Lehman Brothers.[\\[35\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-Taibbi-35) A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found \"no evidence that stock price declines were caused by naked short selling.\"[\\[36\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-36) *[Time](https:\/\/en.wikipedia.org\/wiki\/Time_\$magazine\$ \"Time (magazine)\")* magazine also labelled former Bear Sterns head [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\") as the CEO most responsible out of all the CEOs who \"screwed up Wall Street\" during the [2008 financial crisis](https:\/\/en.wikipedia.org\/wiki\/2008_financial_crisis \"2008 financial crisis\"), even reporting that \"none seemed more asleep at the switch than Bear Stearns' Cayne.\"[\\[37\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-cayne2009-37)\n\n## Structure prior to collapse\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=5 \"Edit section: Structure prior to collapse\")\\]\n\n### Managing partners\/chief executive officers\n\\[[edit](https:\/\/en.wikipedia.org\/w\/index.php?title=Bear_Stearns&action=edit&section=6 \"Edit section: Managing partners\/chief executive officers\")\\]\n\n- [Salim L. Lewis](https:\/\/en.wikipedia.org\/wiki\/Salim_L._Lewis \"Salim L. Lewis\"): 1949–1978\n- [Alan C. Greenberg](https:\/\/en.wikipedia.org\/wiki\/Alan_C._Greenberg \"Alan C. Greenberg\"): 1978–1993\n- [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\"): 1993–2008\n- [Alan Schwartz](https:\/\/en.wikipedia.org\/wiki\/Alan_Schwartz \"Alan Schwartz\"): 2008\n\nThe largest Bear Stearns shareholders as of December 2007 were:[\\[38\\]](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_note-38)\n\n- Barrow Hanley Mewhinney & Strauss – 9.73%\n- [Joseph C. Lewis](https:\/\/en.wikipedia.org\/wiki\/Joe_Lewis_\$British_businessman\$ \"Joe Lewis (British businessman)\") – 9.36%\n- [Morgan Stanley](https:\/\/en.wikipedia.org\/wiki\/Morgan_Stanley \"Morgan Stanley\") – 5.37%\n- [James Cayne](https:\/\/en.wikipedia.org\/wiki\/James_Cayne \"James Cayne\") – 4.94%\n- [Legg Mason Capital Management](https:\/\/en.wikipedia.org\/wiki\/Legg_Mason \"Legg Mason\") – 4.84%\n- Private Capital Management – 4.49%\n- [Barclays Global Investors](https:\/\/en.wikipedia.org\/wiki\/Barclays_Global_Investors \"Barclays Global Investors\") – 3.10%\n- [State Street Global Advisors](https:\/\/en.wikipedia.org\/wiki\/State_Street_Global_Advisors \"State Street Global Advisors\") – 3.01%\n- [The Vanguard Group](https:\/\/en.wikipedia.org\/wiki\/The_Vanguard_Group \"The Vanguard Group\") – 2.67%\n- [Janus Capital Management](https:\/\/en.wikipedia.org\/wiki\/Janus_Capital_Group \"Janus Capital Group\") – 2.34%\n\n- [Bankruptcy of Lehman Brothers](https:\/\/en.wikipedia.org\/wiki\/Bankruptcy_of_Lehman_Brothers \"Bankruptcy of Lehman Brothers\")\n- [Irving Place Capital](https:\/\/en.wikipedia.org\/wiki\/Irving_Place_Capital \"Irving Place Capital\")\n- [Primary dealer](https:\/\/en.wikipedia.org\/wiki\/Primary_dealer \"Primary dealer\")\n\n1. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-1)**\n   [\"Bear Stearns collapses, sold to J.P. Morgan Chase\"](https:\/\/www.history.com\/this-day-in-history\/bear-stearns-sold-to-j-p-morgan-chase). *History.com*. A\\&E Television Networks. January 19, 2018. Retrieved June 28, 2023.\n2. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-2)**\n   Lowenstein, Roger The End of Wall Street, Penguin Press 2010, pp.xvii,22 [ISBN](https:\/\/en.wikipedia.org\/wiki\/ISBN_\$identifier\$ \"ISBN (identifier)\")\n   \n   [978-1-59420-239-1](https:\/\/en.wikipedia.org\/wiki\/Special:BookSources\/978-1-59420-239-1 \"Special:BookSources\/978-1-59420-239-1\")\n3. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-3)**\n   Sorkin, Andrew Ross (March 24, 2008). [\"JPMorgan Raises Bid for Bear Stearns to \\$10 a Share\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/24\/business\/24deal-web.html). *[The New York Times](https:\/\/en.wikipedia.org\/wiki\/The_New_York_Times \"The New York Times\")*. [ISSN](https:\/\/en.wikipedia.org\/wiki\/ISSN_\$identifier\$ \"ISSN (identifier)\") [0362-4331](https:\/\/search.worldcat.org\/issn\/0362-4331). Retrieved February 15, 2025.\n4. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-4)**\n   Sorkin, Andrew Ross (March 17, 2008). [\"JP Morgan Pays \\$2 a Share for Bear Stearns\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/17\/business\/17bear.html). *The New York Times*. Retrieved February 15, 2025.\n5. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-5)**\n   Hester, Elizabeth (January 8, 2010). [\"Bear Stearns Brand Finally Fades, Two Years After Collapse\"](https:\/\/web.archive.org\/web\/20121102230952\/http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&sid=auV7mf.egsxI&pos=4). Bloomberg News. Archived from [the original](https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=auV7mf.egsxI&pos=4) on November 2, 2012. Retrieved February 15, 2025.\n6. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-better_6-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-better_6-1)\n   [\"Could Bear Stearns Do Better?\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/17\/business\/17dealbook-could-be21779.html). [DealBook](https:\/\/en.wikipedia.org\/wiki\/DealBook \"DealBook\"). *The New York Times*. March 17, 2008. Retrieved February 15, 2025.\n7. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-BizHist_7-0)**\n   \"Bear Stearns Companies, Inc.\", *International Directory of Company Histories, Vol. 52*, St. James Press, 2003\n8. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-8)**\n   Tim McLaughlin (November 28, 2007). [\"Bear Stearns to cut 650 jobs globally\"](https:\/\/www.reuters.com\/article\/us-bearstearns-jobs-idUSN2861070720071128). *[Reuters](https:\/\/en.wikipedia.org\/wiki\/Reuters \"Reuters\")*. [Archived](https:\/\/web.archive.org\/web\/20150924125334\/http:\/\/www.reuters.com\/article\/2007\/11\/28\/us-bearstearns-jobs-idUSN2861070720071128) from the original on September 24, 2015. Retrieved June 30, 2017.\n9. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-9)**\n   [\"America's Most Admired Companies 2007 Fortune\"](https:\/\/money.cnn.com\/magazines\/fortune\/mostadmired\/2007\/industries\/industry_52.html). *CNN*. Retrieved August 23, 2011.\n10. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-10)**\n    Boyd, Roddy (March 31, 2008). [\"The last days of Bear Stearns\"](https:\/\/web.archive.org\/web\/20080919002944\/https:\/\/money.cnn.com\/2008\/03\/28\/magazines\/fortune\/boyd_bear.fortune\/). *[Fortune](https:\/\/en.wikipedia.org\/wiki\/Fortune_\$magazine\$ \"Fortune (magazine)\")*. Archived from [the original](https:\/\/money.cnn.com\/2008\/03\/28\/magazines\/fortune\/boyd_bear.fortune\/) on September 19, 2008.\n    \n    Retrieved on September 30, 2008.\n11. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-11)**\n    Burrough, Bryan. [\"Bringing Down Bear Stearns\"](http:\/\/www.vanityfair.com\/politics\/features\/2008\/08\/bear_stearns200808). *[Vanity Fair](https:\/\/en.wikipedia.org\/wiki\/Vanity_Fair_\$magazine\$ \"Vanity Fair (magazine)\")*. Retrieved June 19, 2013.\n12. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-12)**\n    Creswell, Julie; Bajaj, Vikas (June 23, 2007), [\"\\$3.2 Billion Move by Bear Stearns to Rescue Fund\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2007\/06\/23\/business\/23bond.html), *The New York Times*, retrieved February 15, 2025\n13. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-13)**\n    Siew, Walden; Yoon, Al (June 21, 2007), [\"Bear Stearns CDO liquidation sparks contagion fears\"](https:\/\/www.reuters.com\/article\/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622), *Reuters*, [archived](https:\/\/web.archive.org\/web\/20141006171930\/http:\/\/www.reuters.com\/article\/2007\/06\/22\/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622) from the original on October 6, 2014, retrieved June 30, 2017\n14. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-14)**\n    Pittman, Mark (June 21, 2007). [\"Bear Stearns Fund Collapse Sends Shock Through CDOs\"](https:\/\/web.archive.org\/web\/20070930041720\/https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home). Bloomberg News. Archived from [the original](https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home) on September 30, 2007. Retrieved February 15, 2025.\n15. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-15)**\n    Bajaj, Vikas (June 30, 2007), [\"Bear Stearns Shakes Up Funds Unit\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2007\/06\/30\/business\/30bear.html), *The New York Times*, retrieved February 15, 2025\n16. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-16)**\n    Grynbaum, Michael M. (September 21, 2007), [\"Bear Stearns Profit Plunges 61% on Subprime Woes\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2007\/09\/21\/business\/20cnd-wall.html), *The New York Times*, retrieved February 15, 2025\n17. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-17)**\n    Basar, Shanny; Ahuja, Vivek (November 15, 2007), [\"Bear downgraded in face of first loss in 83 years\"](http:\/\/www.efinancialnews.com\/investmentbanking\/content\/2449185055\/20755\/), *Financial News Online*, retrieved April 16, 2008\n18. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-18)**\n    [\"Behind the Scenes of Bear's Fund Meltdown\"](https:\/\/archive.nytimes.com\/dealbook.nytimes.com\/2008\/06\/19\/behind-the-scenes-of-bears-fund-implosion\/). DealBook. *The New York Times*. June 19, 2008. Retrieved February 15, 2025.\n19. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-19)**\n    Thomas, Landon Jr. (June 20, 2008). [\"Prosecutors Build Bear Stearns Case on E-Mails\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/06\/20\/business\/20bear.html). *The New York Times*. Retrieved February 15, 2025.\n20. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-20)**\n    Hays, Tom (June 19, 2008). [\"2 charged on Wall Street in mortgage meltdown\"](https:\/\/web.archive.org\/web\/20080620125236\/http:\/\/news.yahoo.com\/s\/ap\/20080619\/ap_on_bi_ge\/bear_stearns_investigation). Associated Press. Archived from [the original](https:\/\/news.yahoo.com\/s\/ap\/20080619\/ap_on_bi_ge\/bear_stearns_investigation) on June 20, 2008. Retrieved February 15, 2025.\n21. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-ap_61908_21-0)**\n    Hays, Tom. [\"Ex-Bear Stearns managers arrested at their homes\"](https:\/\/web.archive.org\/web\/20080619141549\/http:\/\/hosted.ap.org\/dynamic\/stories\/B\/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT). Archived from [the original](http:\/\/hosted.ap.org\/dynamic\/stories\/B\/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT) on June 19, 2008. Retrieved February 15, 2025.\n22. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-22)** [Frontline: Inside the Meltdown – You Have a Weekend to Save Yourself](https:\/\/www.pbs.org\/wgbh\/pages\/frontline\/video\/flv\/generic.html?s=frol02s1f81q752) Retrieved February 26, 2009\n23. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-bloomberg.com_23-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-bloomberg.com_23-1)\n    Onaran, Yalman (April 2, 2008). [\"Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says\"](https:\/\/web.archive.org\/web\/20120418172124\/http:\/\/www.bloomberg.com\/apps\/news?pid=newsarchive&refer=worldwide&sid=a7coicThgaEE). Bloomberg News. Archived from [the original](https:\/\/www.bloomberg.com\/apps\/news?pid=20601087&refer=worldwide&sid=a7coicThgaEE) on April 18, 2012. Retrieved February 15, 2025.\n24. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-24)**\n    [\"JPMorgan Chase and Bear Stearns Announce Amended Agreement\"](https:\/\/web.archive.org\/web\/20080326180008\/http:\/\/www.jpmorgan.com\/cm\/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template). JPMorgan Chase & Co. March 24, 2008. Archived from [the original](http:\/\/www.jpmorgan.com\/cm\/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template) on March 26, 2008.\n25. ^ [***a***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-seekingalpha.com_25-0) [***b***](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-seekingalpha.com_25-1)\n    [\"Bear Stearns Bondholders Win Big\"](https:\/\/seekingalpha.com\/article\/70098-bear-stearns-bondholders-win-big). Seeking Alpha. March 27, 2008. Retrieved June 19, 2013.\n26. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-26)**\n    [\"Weekly Market Comment: Why is Bear Stearns Trading at \\$6 Instead of \\$2\"](http:\/\/hussmanfunds.com\/wmc\/wmc080324.htm). Hussman Funds. March 24, 2008. Retrieved June 19, 2013.\n27. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-27)**\n    [\"Bernanke Defends Bear Stearns Bailout\"](https:\/\/www.cbsnews.com\/news\/bernanke-defends-bear-stearns-bailout\/). *CBS News*. April 3, 2008.\n28. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-28)**\n    [*Chairman Cox Letter To Basel Committee In Support Of New Guidance On Liquidity Management*](https:\/\/www.sec.gov\/news\/press\/2008\/2008-48_letter.pdf) (PDF), March 20, 2008, retrieved April 16, 2008\n29. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-29)**\n    [*C\\&T Files Complaint and Temporary Restraining Order Challenging Bear Stearns Buyout by JPMorgan*](https:\/\/web.archive.org\/web\/20080513013022\/http:\/\/www.chimicles.com\/bearstearns\/), March 24, 2008, archived from [the original](http:\/\/www.chimicles.com\/bearstearns\/) on May 13, 2008, retrieved April 16, 2008\n30. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-30)**\n    Thomas, Landon Jr; Dash, Eric (March 25, 2008). [\"Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid\"](https:\/\/archive.nytimes.com\/www.nytimes.com\/2008\/03\/25\/business\/25bear.html). *The New York Times*. Retrieved February 15, 2025.\n31. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-31)**\n    Carney, John (January 14, 2019) \\[Mar 24, 2008\\]. [\"Did JP Morgan Understand The Bear Stearns Guarantee?\"](https:\/\/dealbreaker.com\/2008\/03\/did-jp-morgan-understand-the-bear-stearns-guarantee). *Dealbreaker*. Retrieved September 22, 2019.\n    \n    `{{cite web}}`: CS1 maint: deprecated archival service ([link](https:\/\/en.wikipedia.org\/wiki\/Category:CS1_maint:_deprecated_archival_service \"Category:CS1 maint: deprecated archival service\"))\n32. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-32)**\n    Adams, Ken (March 24, 2008). [\"Drafting Errors in the Bear Stearns Merger Agreement? What a Shock!\"](https:\/\/www.adamsdrafting.com\/drafting-errors-bear-stearns\/). *Adams on Contract Drafting*. Retrieved September 23, 2019.\n33. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-33)** Niall Ferguson: The Ascent of Money: A Financial History of The World, Chapter 6: From Empire to Chimerica; Chimerica, p. 338\n34. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-34)**\n    White, Ben (May 29, 2008), [\"Bear Stearns passes into Wall Street history\"](https:\/\/www.ft.com\/content\/d42c01d2-2d8d-11dd-b92a-000077b07658), *[Financial Times](https:\/\/en.wikipedia.org\/wiki\/Financial_Times \"Financial Times\")*\n35. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-Taibbi_35-0)**\n    [Taibbi, Matt](https:\/\/en.wikipedia.org\/wiki\/Matt_Taibbi \"Matt Taibbi\") (October 2009). [\"Wall Street's Naked Swindle\"](https:\/\/www.rollingstone.com\/politics\/news\/wall-streets-naked-swindle-20100405). *Rolling Stone*. Retrieved October 15, 2009.\n36. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-36)** [Naked Short Selling: The Emperor's New Clothes?](http:\/\/www.cfr-cologne.de\/download\/workingpaper\/cfr-09-09.pdf) Centre for Financial Research, May 22, 2009.\n37. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-cayne2009_37-0)**\n    [\"25 People to Blame for the Financial Crisis\"](https:\/\/web.archive.org\/web\/20170819114637\/http:\/\/content.time.com\/time\/specials\/packages\/article\/0,28804,1877351_1877350_1877327,00.html). *[Time](https:\/\/en.wikipedia.org\/wiki\/Time_\$magazine\$ \"Time (magazine)\")*. February 11, 2009. Archived from the original on August 19, 2017. Retrieved December 28, 2021.\n38. **[^](https:\/\/en.wikipedia.org\/wiki\/Bear_Stearns#cite_ref-38)**\n    Wright, William (March 17, 2008). [\"Employees lose \\$5bn on Bear Stearns\"](http:\/\/www.efinancialnews.com\/assetmanagement\/pensionfunds\/content\/2450071941). *Financial News*.\n    \n    Retrieved on September 30, 2008.\n\n- William Cohan, *[House of Cards: A Tale of Hubris and Wretched Excess on Wall Street](https:\/\/en.wikipedia.org\/wiki\/House_of_Cards_\$Cohan_book\$ \"House of Cards (Cohan book)\")*, 2010.\n\n- [Official site](https:\/\/web.archive.org\/web\/20080312203351\/http:\/\/www.bearstearns.com\/) at the [Wayback Machine](https:\/\/en.wikipedia.org\/wiki\/Wayback_Machine \"Wayback Machine\") (archived March 12, 2008)\n- [*Frontline*: Inside the Meltdown Analysis—The Bear Stearns Rescue](https:\/\/www.pbs.org\/wgbh\/pages\/frontline\/meltdown\/themes\/bear.html)\n- [*The New York Times* Timeline of Bear Stearns' history](https:\/\/archive.nytimes.com\/www.nytimes.com\/imagepages\/2008\/03\/17\/business\/20080317_BEAR_STEARNS_GRAPHIC.html)","meta_canonical":null}

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Boilerpipe Text	From Wikipedia, the free encyclopedia The Bear Stearns Companies, Inc. Company type Public Traded as NYSE : BSC Industry Investment services Founded May 1, 1923 ; 102 years ago Founders Joseph Ainslie Bear Robert B. Stearns Defunct March 16, 2008 ; 18 years ago [ 1 ] Fate Went out of business as a result of the 2008 financial crisis and the Great Recession Acquired by JPMorgan Chase Successor JPMorgan Chase Headquarters New York City , New York, U.S. Key people Alan Schwartz (former CEO) James Cayne (former chairman and CEO) David Robert Malpass (chief economist for the last six years before its failure) Products Financial services Investment banking Investment management The Bear Stearns Companies, Inc. was an American investment bank , securities trading, and brokerage firm that famously failed during the 2008 financial crisis and the Great Recession . After its closure, it was subsequently sold to JPMorgan Chase . The company's main business areas before its failure were capital markets , investment banking, wealth management , and global clearing services, and it was heavily involved in the subprime mortgage crisis . In the years leading up to the failure, Bear Stearns was heavily involved in securitization and issued large amounts of asset-backed securities which were, in the case of mortgages, pioneered by Lewis Ranieri , "the father of mortgage securities." [ 2 ] As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the subprime mortgage crisis . In March 2008, the Federal Reserve Bank of New York provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for $10 per share, [ 3 ] a price far below its pre-crisis 52-week high of $133.20 per share, but not as low as the $2 per share originally agreed upon. [ 4 ] The collapse of the company was a prelude to the 2008 financial crisis and the meltdown of the investment banking industry in the United States and elsewhere. In January 2010, JPMorgan ceased using the Bear Stearns name. [ 5 ] Bear Stearns' former offices at 383 Madison Avenue Bear Stearns was founded as an equity trading house on May 1, 1923, by Joseph Ainslie Bear , Robert B. Stearns and Harold C. Mayer with $500,000 in capital (equivalent to $9,448,242 in 2025). Internal tensions quickly arose among the three founders resulting in at least one public tussling. The firm survived the Wall Street Crash of 1929 without laying off any employees and by 1933 opened its first branch office in Chicago . In 1955 the firm opened its first international office in Amsterdam . [ 6 ] In 1985, Bear Stearns became a publicly traded company. [ 6 ] It served corporations, institutions, governments, and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients and other professional traders, including securities lending . [ 7 ] Bear Stearns' World Headquarters was located at 383 Madison Avenue , between East 46th Street and East 47th Street in Manhattan . By 2007, the company employed more than 15,500 people worldwide. [ 8 ] The firm was headquartered in New York City with offices in Atlanta , Boston , Chicago, Dallas , Denver , Houston , Los Angeles , Irvine , San Francisco , St. Louis ; Whippany, New Jersey ; and San Juan, Puerto Rico . Internationally the firm had offices in London , Beijing , Dublin , Frankfurt , Hong Kong , Lugano , Milan , São Paulo , Mumbai , Shanghai , Singapore and Tokyo . In 2005–2007, Bear Stearns was recognized as the "Most Admired" securities firm in Fortune 's "America's Most Admired Companies" survey, and second overall in the securities firm section. [ 9 ] The annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this "top" distinction. Lead-up to the failure – increasing exposure to subprime mortgages [ edit ] By November 2006, the company had total capital of approximately $66.7 billion and total assets of $350.4 billion and according to the April 2005 issue of Institutional Investor magazine, Bear Stearns was the seventh-largest securities firm in terms of total capital. A year later, Bear Stearns had notional contract amounts of approximately $13.40 trillion in derivative financial instruments, of which $1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than $28 billion in 'level 3' assets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion. This $11.1 billion supported $395 billion in assets, [ 10 ] which means a leverage ratio of 35.6 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of counterparty risk which would ensue from forced liquidation. Start of the crisis – two subprime mortgage funds fail [ edit ] On June 22, 2007, Bear Stearns pledged a collateralized loan of up to $3.2 billion to "bail out" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just $25 million, so they were hesitant about the bailout; nonetheless, CEO James Cayne and other senior executives worried about the damage to the company's reputation. [ 11 ] [ 12 ] The funds were invested in thinly traded collateralized debt obligations (CDOs). Merrill Lynch seized $850 million worth of the underlying collateral but only was able to auction $100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios. [ 13 ] [ 14 ] Richard A. Marin , a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former vice chairman of rival investment bank Lehman Brothers . [ 15 ] During the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of Jake Zamansky & Associates and Rich & Intelisano both filed arbitration claims with the National Association of Securities Dealers alleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of the collapse of two hedge funds tied to subprime mortgages. A September 21 report in The New York Times noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses. [ 16 ] With Samuel Molinaro's November 15th revelation that Bear Stearns was writing down a further $1.2 billion in mortgage-related securities and would face its first loss in 83 years, Standard & Poor's downgraded the company's credit rating from AA to A. [ 17 ] Matthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns, were arrested June 19, 2008. [ 18 ] They faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi were also named in lawsuits brought by Barclays Bank , which claimed they were one of the many investors misled by the executives. [ 19 ] [ 20 ] They were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund were worth much less than their professed values. The suit claimed that Bear Stearns managers devised "a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when "in reality, the portfolio's asset values were plummeting." [ 21 ] Fed bailout and sale to JPMorgan Chase [ edit ] On March 14, 2008, the Federal Reserve Bank of New York ("FRBNY") agreed to provide a $25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them. [ 22 ] The deal was then changed to where FRBNY would create a company (what would become Maiden Lane LLC ) to buy $30 billion worth of Bear Stearns' assets, and Bear Stearns would be purchased by JPMorgan Chase in a stock swap worth $2 a share, or less than 7 percent of Bear Stearns' market value just two days before. [ 23 ] This sale price represented a staggering loss as its stock had traded at $172 a share as late as January 2007, and $93 a share as late as February 2008. Eventually, after renegotiating the purchase of Bear Stearns, Maiden Lane LLC was funded by a $29 billion first priority loan from FRBNY and a $1 billion subordinated loan from JPMorgan Chase, without further recourse to JPMorgan Chase. [ 24 ] The structure of the transaction, with both loans collateralized by securitized home mortgages [ 25 ] and with the JPMorgan Chase loan bearing losses before the FRBNY loan, meant that FRBNY could not seize or otherwise encumber JPMorgan Chase's assets if the underlying collateral became insufficient to repay the FRBNY loan. [ 25 ] [ 26 ] Federal Reserve Chairman Ben Bernanke defended the bailout by stating that a bankruptcy of Bear Stearns would have affected the real economy and could have caused a "chaotic unwinding" of investments across US markets. [ 23 ] [ 27 ] On March 20, SEC Chairman Christopher Cox said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns' problems escalated when rumors spread about its liquidity crisis which in turn eroded investor confidence in the firm. "Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns", said Cox. Bear Stearns' liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said. [ 28 ] On March 24, 2008, a class action suit was filed on behalf of shareholders, challenging the terms of JPMorgan's acquisition of Bear Stearns. [ 29 ] That same day, a new agreement was reached that raised JPMorgan Chase's offer to $10 a share, up from the initial $2 offer, which meant an offer of $1.2 billion. [ 30 ] The revised deal was aimed to quiet upset investors and was necessitated by what was characterized as a loophole in a guarantee that was open-ended, despite the fact that the deal required shareholder approval. [ 31 ] While it was not clear if JPMorgan's lawyers, Wachtell, Lipton, Rosen & Katz , were to blame for the mistake in the hastily written contract, JPMorgan's CEO, Jamie Dimon , was described as being "apoplectic" about the mistake. [ 32 ] The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, former Fed chairman Paul Volcker stated that the Fed had taken actions that "extend to the very edge of its lawful and implied powers." See his remarks at a luncheon of the Economic Club of New York. [ 33 ] On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the $10-per-share price. [ 34 ] An article by journalist Matt Taibbi for Rolling Stone contended that naked short selling had a role in the demise of both Bear Stearns and Lehman Brothers. [ 35 ] A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found "no evidence that stock price declines were caused by naked short selling." [ 36 ] Time magazine also labelled former Bear Sterns head James Cayne as the CEO most responsible out of all the CEOs who "screwed up Wall Street" during the 2008 financial crisis , even reporting that "none seemed more asleep at the switch than Bear Stearns' Cayne." [ 37 ] Structure prior to collapse [ edit ] Managing partners/chief executive officers [ edit ] Salim L. Lewis : 1949–1978 Alan C. Greenberg : 1978–1993 James Cayne : 1993–2008 Alan Schwartz : 2008 The largest Bear Stearns shareholders as of December 2007 were: [ 38 ] Barrow Hanley Mewhinney & Strauss – 9.73% Joseph C. Lewis – 9.36% Morgan Stanley – 5.37% James Cayne – 4.94% Legg Mason Capital Management – 4.84% Private Capital Management – 4.49% Barclays Global Investors – 3.10% State Street Global Advisors – 3.01% The Vanguard Group – 2.67% Janus Capital Management – 2.34% Bankruptcy of Lehman Brothers Irving Place Capital Primary dealer ^ "Bear Stearns collapses, sold to J.P. Morgan Chase" . History.com . A&E Television Networks. January 19, 2018 . Retrieved June 28, 2023 . ^ Lowenstein, Roger The End of Wall Street, Penguin Press 2010, pp.xvii,22 ISBN 978-1-59420-239-1 ^ Sorkin, Andrew Ross (March 24, 2008). "JPMorgan Raises Bid for Bear Stearns to $10 a Share" . The New York Times . ISSN 0362-4331 . Retrieved February 15, 2025 . ^ Sorkin, Andrew Ross (March 17, 2008). "JP Morgan Pays $2 a Share for Bear Stearns" . The New York Times . Retrieved February 15, 2025 . ^ Hester, Elizabeth (January 8, 2010). "Bear Stearns Brand Finally Fades, Two Years After Collapse" . Bloomberg News. Archived from the original on November 2, 2012 . Retrieved February 15, 2025 . ^ a b "Could Bear Stearns Do Better?" . DealBook . The New York Times . March 17, 2008 . Retrieved February 15, 2025 . ^ "Bear Stearns Companies, Inc.", International Directory of Company Histories, Vol. 52 , St. James Press, 2003 ^ Tim McLaughlin (November 28, 2007). "Bear Stearns to cut 650 jobs globally" . Reuters . Archived from the original on September 24, 2015 . Retrieved June 30, 2017 . ^ "America's Most Admired Companies 2007 Fortune" . CNN . Retrieved August 23, 2011 . ^ Boyd, Roddy (March 31, 2008). "The last days of Bear Stearns" . Fortune . Archived from the original on September 19, 2008. Retrieved on September 30, 2008. ^ Burrough, Bryan. "Bringing Down Bear Stearns" . Vanity Fair . Retrieved June 19, 2013 . ^ Creswell, Julie; Bajaj, Vikas (June 23, 2007), "$3.2 Billion Move by Bear Stearns to Rescue Fund" , The New York Times , retrieved February 15, 2025 ^ Siew, Walden; Yoon, Al (June 21, 2007), "Bear Stearns CDO liquidation sparks contagion fears" , Reuters , archived from the original on October 6, 2014 , retrieved June 30, 2017 ^ Pittman, Mark (June 21, 2007). "Bear Stearns Fund Collapse Sends Shock Through CDOs" . Bloomberg News. Archived from the original on September 30, 2007 . Retrieved February 15, 2025 . ^ Bajaj, Vikas (June 30, 2007), "Bear Stearns Shakes Up Funds Unit" , The New York Times , retrieved February 15, 2025 ^ Grynbaum, Michael M. (September 21, 2007), "Bear Stearns Profit Plunges 61% on Subprime Woes" , The New York Times , retrieved February 15, 2025 ^ Basar, Shanny; Ahuja, Vivek (November 15, 2007), "Bear downgraded in face of first loss in 83 years" , Financial News Online , retrieved April 16, 2008 ^ "Behind the Scenes of Bear's Fund Meltdown" . DealBook. The New York Times . June 19, 2008 . Retrieved February 15, 2025 . ^ Thomas, Landon Jr. (June 20, 2008). "Prosecutors Build Bear Stearns Case on E-Mails" . The New York Times . Retrieved February 15, 2025 . ^ Hays, Tom (June 19, 2008). "2 charged on Wall Street in mortgage meltdown" . Associated Press. Archived from the original on June 20, 2008 . Retrieved February 15, 2025 . ^ Hays, Tom. "Ex-Bear Stearns managers arrested at their homes" . Archived from the original on June 19, 2008 . Retrieved February 15, 2025 . ^ Frontline: Inside the Meltdown – You Have a Weekend to Save Yourself Retrieved February 26, 2009 ^ a b Onaran, Yalman (April 2, 2008). "Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says" . Bloomberg News. Archived from the original on April 18, 2012 . Retrieved February 15, 2025 . ^ "JPMorgan Chase and Bear Stearns Announce Amended Agreement" . JPMorgan Chase & Co. March 24, 2008. Archived from the original on March 26, 2008. ^ a b "Bear Stearns Bondholders Win Big" . Seeking Alpha. March 27, 2008 . Retrieved June 19, 2013 . ^ "Weekly Market Comment: Why is Bear Stearns Trading at $6 Instead of $2" . Hussman Funds. March 24, 2008 . Retrieved June 19, 2013 . ^ "Bernanke Defends Bear Stearns Bailout" . CBS News . April 3, 2008. ^ Chairman Cox Letter To Basel Committee In Support Of New Guidance On Liquidity Management (PDF) , March 20, 2008 , retrieved April 16, 2008 ^ C&T Files Complaint and Temporary Restraining Order Challenging Bear Stearns Buyout by JPMorgan , March 24, 2008, archived from the original on May 13, 2008 , retrieved April 16, 2008 ^ Thomas, Landon Jr; Dash, Eric (March 25, 2008). "Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid" . The New York Times . Retrieved February 15, 2025 . ^ Carney, John (January 14, 2019) [Mar 24, 2008]. "Did JP Morgan Understand The Bear Stearns Guarantee?" . Dealbreaker . Retrieved September 22, 2019 . {{ cite web }} : CS1 maint: deprecated archival service ( link ) ^ Adams, Ken (March 24, 2008). "Drafting Errors in the Bear Stearns Merger Agreement? What a Shock!" . Adams on Contract Drafting . Retrieved September 23, 2019 . ^ Niall Ferguson: The Ascent of Money: A Financial History of The World, Chapter 6: From Empire to Chimerica; Chimerica, p. 338 ^ White, Ben (May 29, 2008), "Bear Stearns passes into Wall Street history" , Financial Times ^ Taibbi, Matt (October 2009). "Wall Street's Naked Swindle" . Rolling Stone . Retrieved October 15, 2009 . ^ Naked Short Selling: The Emperor's New Clothes? Centre for Financial Research, May 22, 2009. ^ "25 People to Blame for the Financial Crisis" . Time . February 11, 2009. Archived from the original on August 19, 2017 . Retrieved December 28, 2021 . ^ Wright, William (March 17, 2008). "Employees lose $5bn on Bear Stearns" . Financial News . Retrieved on September 30, 2008. William Cohan, House of Cards: A Tale of Hubris and Wretched Excess on Wall Street , 2010. Official site at the Wayback Machine (archived March 12, 2008) Frontline : Inside the Meltdown Analysis—The Bear Stearns Rescue The New York Times Timeline of Bear Stearns' history
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[o]") ## Contents move to sidebar hide - [(Top)](https://en.wikipedia.org/wiki/Bear_Stearns) - [1 History](https://en.wikipedia.org/wiki/Bear_Stearns#History) Toggle History subsection - [1\.1 Lead-up to the failure – increasing exposure to subprime mortgages](https://en.wikipedia.org/wiki/Bear_Stearns#Lead-up_to_the_failure_%E2%80%93_increasing_exposure_to_subprime_mortgages) - [1\.2 Start of the crisis – two subprime mortgage funds fail](https://en.wikipedia.org/wiki/Bear_Stearns#Start_of_the_crisis_%E2%80%93_two_subprime_mortgage_funds_fail) - [1\.3 Fed bailout and sale to JPMorgan Chase](https://en.wikipedia.org/wiki/Bear_Stearns#Fed_bailout_and_sale_to_JPMorgan_Chase) - [2 Structure prior to collapse](https://en.wikipedia.org/wiki/Bear_Stearns#Structure_prior_to_collapse) Toggle Structure prior to collapse subsection - [2\.1 Managing partners/chief executive officers](https://en.wikipedia.org/wiki/Bear_Stearns#Managing_partners/chief_executive_officers) - [2\.2 Major shareholders](https://en.wikipedia.org/wiki/Bear_Stearns#Major_shareholders) - [3 See also](https://en.wikipedia.org/wiki/Bear_Stearns#See_also) - [4 References](https://en.wikipedia.org/wiki/Bear_Stearns#References) - [5 Further reading](https://en.wikipedia.org/wiki/Bear_Stearns#Further_reading) - [6 External links](https://en.wikipedia.org/wiki/Bear_Stearns#External_links) Toggle the table of contents # Bear Stearns 29 languages - [العربية](https://ar.wikipedia.org/wiki/%D8%A8%D9%8A%D8%B1_%D8%B3%D8%AA%D9%8A%D8%B1%D9%86%D8%B2 "بير ستيرنز – Arabic") - [تۆرکجه](https://azb.wikipedia.org/wiki/%D8%A8%DB%8C%D8%B1_%D8%A7%D8%B3%D8%AA%DB%8C%D8%B1%D9%86%D8%B2 "بیر استیرنز – South Azerbaijani") - [Български](https://bg.wikipedia.org/wiki/%D0%91%D0%B5%D1%8A%D1%80_%D0%A1%D1%82%D1%8A%D1%80%D0%BD%D1%81 "Беър Стърнс – Bulgarian") - [Čeština](https://cs.wikipedia.org/wiki/Bear_Stearns "Bear Stearns – Czech") - [Cymraeg](https://cy.wikipedia.org/wiki/Bear_Stearns "Bear Stearns – Welsh") - [Deutsch](https://de.wikipedia.org/wiki/Bear_Stearns "Bear Stearns – German") - [Esperanto](https://eo.wikipedia.org/wiki/Bear_Stearns "Bear Stearns – Esperanto") - 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[Wikimedia Commons](https://commons.wikimedia.org/wiki/Category:Bear_Stearns) - [Wikidata item](https://www.wikidata.org/wiki/Special:EntityPage/Q813018 "Structured data on this page hosted by Wikidata [g]") Appearance move to sidebar hide From Wikipedia, the free encyclopedia Defunct American investment bank \| \| \| \|---\|---\| \| [![](https://upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Bear_Stearns_Logo.svg/250px-Bear_Stearns_Logo.svg.png)](https://en.wikipedia.org/wiki/File:Bear_Stearns_Logo.svg) \| \| \| Company type \| [Public](https://en.wikipedia.org/wiki/Public_company "Public company") \| \| [Traded as](https://en.wikipedia.org/wiki/Ticker_symbol "Ticker symbol") \| [NYSE](https://en.wikipedia.org/wiki/New_York_Stock_Exchange "New York Stock Exchange"): BSC \| \| Industry \| [Investment services](https://en.wikipedia.org/wiki/Investment "Investment") \| \| Founded \| May 1, 1923; 102 years ago (1923-05-01) \| \| Founders \| [Joseph Ainslie Bear](https://en.wikipedia.org/wiki/Joseph_Ainslie_Bear "Joseph Ainslie Bear") [Robert B. Stearns](https://en.wikipedia.org/wiki/Robert_B._Stearns "Robert B. Stearns") \| \| Defunct \| March 16, 2008; 18 years ago (2008-03-16)[\[1\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-1) \| \| Fate \| Went out of business as a result of the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") Acquired by [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase") \| \| Successor \| JPMorgan Chase \| \| Headquarters \| [New York City](https://en.wikipedia.org/wiki/New_York_City "New York City"), New York, U.S. \| \| Key people \| [Alan Schwartz](https://en.wikipedia.org/wiki/Alan_Schwartz "Alan Schwartz") (former CEO) [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne") (former chairman and CEO) [David Robert Malpass](https://en.wikipedia.org/wiki/David_Robert_Malpass "David Robert Malpass") (chief economist for the last six years before its failure) \| \| Products \| [Financial services](https://en.wikipedia.org/wiki/Financial_services "Financial services") [Investment banking](https://en.wikipedia.org/wiki/Investment_banking "Investment banking") [Investment management](https://en.wikipedia.org/wiki/Investment_management "Investment management") \| The Bear Stearns Companies, Inc. was an American [investment bank](https://en.wikipedia.org/wiki/Investment_bank "Investment bank"), [securities](https://en.wikipedia.org/wiki/Security_$finance$ "Security (finance)") trading, and [brokerage firm](https://en.wikipedia.org/wiki/Brokerage_firm "Brokerage firm") that famously failed during the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession"). After its closure, it was subsequently sold to [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase"). The company's main business areas before its failure were [capital markets](https://en.wikipedia.org/wiki/Capital_market "Capital market"), investment banking, [wealth management](https://en.wikipedia.org/wiki/Wealth_management "Wealth management"), and global [clearing](https://en.wikipedia.org/wiki/Clearing_$finance$ "Clearing (finance)") services, and it was heavily involved in the [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis"). In the years leading up to the failure, Bear Stearns was heavily involved in [securitization](https://en.wikipedia.org/wiki/Securitization "Securitization") and issued large amounts of [asset-backed securities](https://en.wikipedia.org/wiki/Asset-backed_security "Asset-backed security") which were, in the case of mortgages, pioneered by [Lewis Ranieri](https://en.wikipedia.org/wiki/Lewis_Ranieri "Lewis Ranieri"), "the father of mortgage securities."[\[2\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-2) As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis"). In March 2008, the [Federal Reserve Bank of New York](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York "Federal Reserve Bank of New York") provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for \$10 per share,[\[3\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-3) a price far below its pre-crisis 52-week high of \$133.20 per share, but not as low as the \$2 per share originally agreed upon.[\[4\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-4) The collapse of the company was a prelude to the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the meltdown of the investment banking industry in the United States and elsewhere. In January 2010, JPMorgan ceased using the Bear Stearns name.[\[5\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-5) ## History \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=1 "Edit section: History")\] [![](https://upload.wikimedia.org/wikipedia/commons/thumb/3/3a/BearStearns.JPG/250px-BearStearns.JPG)](https://en.wikipedia.org/wiki/File:BearStearns.JPG) Bear Stearns' former offices at [383 Madison Avenue](https://en.wikipedia.org/wiki/383_Madison_Avenue "383 Madison Avenue") Bear Stearns was founded as an [equity trading](https://en.wikipedia.org/wiki/Equity_trading "Equity trading") house on May 1, 1923, by [Joseph Ainslie Bear](https://en.wikipedia.org/wiki/Joseph_Ainslie_Bear "Joseph Ainslie Bear"), [Robert B. Stearns](https://en.wikipedia.org/wiki/Robert_B._Stearns "Robert B. Stearns") and Harold C. Mayer with \$500,000 in capital (equivalent to \$9,448,242 in 2025). Internal tensions quickly arose among the three founders resulting in at least one public tussling. The firm survived the [Wall Street Crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 "Wall Street Crash of 1929") without laying off any employees and by 1933 opened its first branch office in [Chicago](https://en.wikipedia.org/wiki/Chicago "Chicago"). In 1955 the firm opened its first international office in [Amsterdam](https://en.wikipedia.org/wiki/Amsterdam "Amsterdam").[\[6\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-better-6) In 1985, Bear Stearns became a publicly traded company.[\[6\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-better-6) It served corporations, institutions, governments, and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients and other professional traders, including [securities lending](https://en.wikipedia.org/wiki/Securities_lending "Securities lending").[\[7\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-BizHist-7) Bear Stearns' World Headquarters was located at [383 Madison Avenue](https://en.wikipedia.org/wiki/383_Madison_Avenue "383 Madison Avenue"), between East 46th Street and East 47th Street in [Manhattan](https://en.wikipedia.org/wiki/Manhattan "Manhattan"). By 2007, the company employed more than 15,500 people worldwide.[\[8\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-8) The firm was headquartered in New York City with offices in [Atlanta](https://en.wikipedia.org/wiki/Atlanta "Atlanta"), [Boston](https://en.wikipedia.org/wiki/Boston "Boston"), Chicago, [Dallas](https://en.wikipedia.org/wiki/Dallas "Dallas"), [Denver](https://en.wikipedia.org/wiki/Denver "Denver"), [Houston](https://en.wikipedia.org/wiki/Houston "Houston"), [Los Angeles](https://en.wikipedia.org/wiki/Los_Angeles "Los Angeles"), [Irvine](https://en.wikipedia.org/wiki/Irvine,_California "Irvine, California"), [San Francisco](https://en.wikipedia.org/wiki/San_Francisco "San Francisco"), [St. Louis](https://en.wikipedia.org/wiki/St._Louis "St. Louis"); [Whippany, New Jersey](https://en.wikipedia.org/wiki/Whippany,_New_Jersey "Whippany, New Jersey"); and [San Juan, Puerto Rico](https://en.wikipedia.org/wiki/San_Juan,_Puerto_Rico "San Juan, Puerto Rico"). Internationally the firm had offices in [London](https://en.wikipedia.org/wiki/London "London"), [Beijing](https://en.wikipedia.org/wiki/Beijing "Beijing"), [Dublin](https://en.wikipedia.org/wiki/Dublin "Dublin"), [Frankfurt](https://en.wikipedia.org/wiki/Frankfurt "Frankfurt"), [Hong Kong](https://en.wikipedia.org/wiki/Hong_Kong "Hong Kong"), [Lugano](https://en.wikipedia.org/wiki/Lugano "Lugano"), [Milan](https://en.wikipedia.org/wiki/Milan "Milan"), [São Paulo](https://en.wikipedia.org/wiki/S%C3%A3o_Paulo "São Paulo"), [Mumbai](https://en.wikipedia.org/wiki/Mumbai "Mumbai"), [Shanghai](https://en.wikipedia.org/wiki/Shanghai "Shanghai"), [Singapore](https://en.wikipedia.org/wiki/Singapore "Singapore") and [Tokyo](https://en.wikipedia.org/wiki/Tokyo "Tokyo"). In 2005–2007, Bear Stearns was recognized as the "Most Admired" securities firm in [Fortune](https://en.wikipedia.org/wiki/Fortune_$magazine$ "Fortune (magazine)")'s "America's Most Admired Companies" survey, and second overall in the securities firm section.[\[9\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-9) The annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this "top" distinction. ### Lead-up to the failure – increasing exposure to subprime mortgages \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=2 "Edit section: Lead-up to the failure – increasing exposure to subprime mortgages")\] By November 2006, the company had total capital of approximately \$66.7 billion and total assets of \$350.4 billion and according to the April 2005 issue of [Institutional Investor](https://en.wikipedia.org/wiki/Institutional_Investor_$magazine$ "Institutional Investor (magazine)") magazine, Bear Stearns was the seventh-largest securities firm in terms of total capital. A year later, Bear Stearns had [notional contract amounts](https://en.wikipedia.org/wiki/Notional_amount "Notional amount") of approximately \$13.40 trillion in [derivative](https://en.wikipedia.org/wiki/Derivative_$finance$ "Derivative (finance)") financial instruments, of which \$1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than \$28 billion in ['level 3'](https://en.wikipedia.org/wiki/Fair_price#Fair_Value_Measurements_$US_markets$:_Exposure_Draft "Fair price") assets on its books at the end of fiscal 2007 versus a net equity position of only \$11.1 billion. This \$11.1 billion supported \$395 billion in assets,[\[10\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-10) which means a [leverage ratio](https://en.wikipedia.org/wiki/Leverage_ratio "Leverage ratio") of 35.6 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of [counterparty](https://en.wikipedia.org/wiki/Counterparty "Counterparty") risk which would ensue from forced liquidation. ### Start of the crisis – two subprime mortgage funds fail \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=3 "Edit section: Start of the crisis – two subprime mortgage funds fail")\] Main article: [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") See also: [Subprime lending](https://en.wikipedia.org/wiki/Subprime_lending "Subprime lending") and [Collateralized debt obligation](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation") On June 22, 2007, Bear Stearns pledged a collateralized loan of up to \$3.2 billion to "bail out" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just \$25 million, so they were hesitant about the bailout; nonetheless, CEO James Cayne and other senior executives worried about the damage to the company's reputation.[\[11\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-11)[\[12\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-12) The funds were invested in thinly traded [collateralized debt obligations](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation") (CDOs). [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch") seized \$850 million worth of the underlying collateral but only was able to auction \$100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.[\[13\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-13)[\[14\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-14) [Richard A. Marin](https://en.wikipedia.org/wiki/Richard_Marin_$investment_banker$ "Richard Marin (investment banker)"), a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former vice chairman of rival investment bank [Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers").[\[15\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-15) During the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of [Jake Zamansky](https://en.wikipedia.org/wiki/Jake_Zamansky_$lawyer$ "Jake Zamansky (lawyer)") & Associates and Rich & Intelisano both filed arbitration claims with the [National Association of Securities Dealers](https://en.wikipedia.org/wiki/National_Association_of_Securities_Dealers "National Association of Securities Dealers") alleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of the collapse of two hedge funds tied to subprime mortgages. A September 21 report in [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times") noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses.[\[16\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-16) With Samuel Molinaro's November 15th revelation that Bear Stearns was writing down a further \$1.2 billion in mortgage-related securities and would face its first loss in 83 years, [Standard & Poor's](https://en.wikipedia.org/wiki/Standard_%26_Poor%27s "Standard & Poor's") downgraded the company's [credit rating](https://en.wikipedia.org/wiki/Credit_rating "Credit rating") from AA to A.[\[17\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-17) Matthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns, were arrested June 19, 2008.[\[18\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-18) They faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi were also named in lawsuits brought by [Barclays Bank](https://en.wikipedia.org/wiki/Barclays_Bank "Barclays Bank"), which claimed they were one of the many investors misled by the executives.[\[19\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-19)[\[20\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-20) They were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns [High-Grade Structured Credit Strategies Enhanced Leverage Master Fund](https://en.wikipedia.org/wiki/High-Grade_Structured_Credit_Strategies_Enhanced_Leverage_Master_Fund "High-Grade Structured Credit Strategies Enhanced Leverage Master Fund") were worth much less than their professed values. The suit claimed that Bear Stearns managers devised "a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when "in reality, the portfolio's asset values were plummeting."[\[21\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-ap_61908-21) ### Fed bailout and sale to JPMorgan Chase \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=4 "Edit section: Fed bailout and sale to JPMorgan Chase")\] On March 14, 2008, the Federal Reserve Bank of New York ("FRBNY") agreed to provide a \$25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them.[\[22\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-22) The deal was then changed to where FRBNY would create a company (what would become [Maiden Lane LLC](https://en.wikipedia.org/wiki/Maiden_Lane_Transactions "Maiden Lane Transactions")) to buy \$30 billion worth of Bear Stearns' assets, and Bear Stearns would be purchased by JPMorgan Chase in a [stock swap](https://en.wikipedia.org/wiki/Stock_swap "Stock swap") worth \$2 a share, or less than 7 percent of Bear Stearns' market value just two days before.[\[23\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-bloomberg.com-23) This sale price represented a staggering loss as its stock had traded at \$172 a share as late as January 2007, and \$93 a share as late as February 2008. Eventually, after renegotiating the purchase of Bear Stearns, Maiden Lane LLC was funded by a \$29 billion first priority loan from FRBNY and a \$1 billion subordinated loan from JPMorgan Chase, without further recourse to JPMorgan Chase.[\[24\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-24) The structure of the transaction, with both loans collateralized by securitized home mortgages[\[25\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-seekingalpha.com-25) and with the JPMorgan Chase loan bearing losses before the FRBNY loan, meant that FRBNY could not seize or otherwise encumber JPMorgan Chase's assets if the underlying collateral became insufficient to repay the FRBNY loan.[\[25\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-seekingalpha.com-25)[\[26\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-26) Federal Reserve Chairman [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") defended the bailout by stating that a bankruptcy of Bear Stearns would have affected the [real economy](https://en.wikipedia.org/wiki/Real_economy "Real economy") and could have caused a "chaotic unwinding" of investments across US markets.[\[23\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-bloomberg.com-23)[\[27\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-27) On March 20, [SEC](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") Chairman [Christopher Cox](https://en.wikipedia.org/wiki/Christopher_Cox "Christopher Cox") said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns' problems escalated when rumors spread about its [liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis") which in turn eroded investor confidence in the firm. "Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns", said Cox. Bear Stearns' liquidity pool started at \$18.1 billion on March 10 and then plummeted to \$2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.[\[28\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-28) On March 24, 2008, a [class action](https://en.wikipedia.org/wiki/Class_action "Class action") suit was filed on behalf of shareholders, challenging the terms of JPMorgan's acquisition of Bear Stearns.[\[29\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-29) That same day, a new agreement was reached that raised JPMorgan Chase's offer to \$10 a share, up from the initial \$2 offer, which meant an offer of \$1.2 billion.[\[30\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-30) The revised deal was aimed to quiet upset investors and was necessitated by what was characterized as a loophole in a guarantee that was open-ended, despite the fact that the deal required shareholder approval.[\[31\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-31) While it was not clear if JPMorgan's lawyers, [Wachtell, Lipton, Rosen & Katz](https://en.wikipedia.org/wiki/Wachtell,_Lipton,_Rosen_%26_Katz "Wachtell, Lipton, Rosen & Katz"), were to blame for the mistake in the hastily written contract, JPMorgan's CEO, [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon"), was described as being "apoplectic" about the mistake.[\[32\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-32) The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, former Fed chairman [Paul Volcker](https://en.wikipedia.org/wiki/Paul_Volcker "Paul Volcker") stated that the Fed had taken actions that "extend to the very edge of its lawful and implied powers." See his remarks at a luncheon of the Economic Club of New York.[\[33\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-33) On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the \$10-per-share price.[\[34\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-34) An article by journalist [Matt Taibbi](https://en.wikipedia.org/wiki/Matt_Taibbi "Matt Taibbi") for [Rolling Stone](https://en.wikipedia.org/wiki/Rolling_Stone "Rolling Stone") contended that [naked short selling](https://en.wikipedia.org/wiki/Naked_short_selling "Naked short selling") had a role in the demise of both Bear Stearns and Lehman Brothers.[\[35\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-Taibbi-35) A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found "no evidence that stock price declines were caused by naked short selling."[\[36\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-36) [Time](https://en.wikipedia.org/wiki/Time_$magazine$ "Time (magazine)") magazine also labelled former Bear Sterns head [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne") as the CEO most responsible out of all the CEOs who "screwed up Wall Street" during the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), even reporting that "none seemed more asleep at the switch than Bear Stearns' Cayne."[\[37\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-cayne2009-37) ## Structure prior to collapse \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=5 "Edit section: Structure prior to collapse")\] ### Managing partners/chief executive officers \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=6 "Edit section: Managing partners/chief executive officers")\] - [Salim L. Lewis](https://en.wikipedia.org/wiki/Salim_L._Lewis "Salim L. Lewis"): 1949–1978 - [Alan C. Greenberg](https://en.wikipedia.org/wiki/Alan_C._Greenberg "Alan C. Greenberg"): 1978–1993 - [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne"): 1993–2008 - [Alan Schwartz](https://en.wikipedia.org/wiki/Alan_Schwartz "Alan Schwartz"): 2008 ### Major shareholders \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=7 "Edit section: Major shareholders")\] The largest Bear Stearns shareholders as of December 2007 were:[\[38\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-38) - Barrow Hanley Mewhinney & Strauss – 9.73% - [Joseph C. Lewis](https://en.wikipedia.org/wiki/Joe_Lewis_$British_businessman$ "Joe Lewis (British businessman)") – 9.36% - [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") – 5.37% - [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne") – 4.94% - [Legg Mason Capital Management](https://en.wikipedia.org/wiki/Legg_Mason "Legg Mason") – 4.84% - Private Capital Management – 4.49% - [Barclays Global Investors](https://en.wikipedia.org/wiki/Barclays_Global_Investors "Barclays Global Investors") – 3.10% - [State Street Global Advisors](https://en.wikipedia.org/wiki/State_Street_Global_Advisors "State Street Global Advisors") – 3.01% - [The Vanguard Group](https://en.wikipedia.org/wiki/The_Vanguard_Group "The Vanguard Group") – 2.67% - [Janus Capital Management](https://en.wikipedia.org/wiki/Janus_Capital_Group "Janus Capital Group") – 2.34% ## See also \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=8 "Edit section: See also")\] - [![flag](https://upload.wikimedia.org/wikipedia/commons/thumb/b/ba/Flag_of_New_York_City.svg/40px-Flag_of_New_York_City.svg.png)](https://en.wikipedia.org/wiki/File:Flag_of_New_York_City.svg)[New York City portal](https://en.wikipedia.org/wiki/Portal:New_York_City "Portal:New York City") - ![](https://upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Industry5.svg/40px-Industry5.svg.png)[Companies portal](https://en.wikipedia.org/wiki/Portal:Companies "Portal:Companies") - [Bankruptcy of Lehman Brothers](https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers "Bankruptcy of Lehman Brothers") - [Irving Place Capital](https://en.wikipedia.org/wiki/Irving_Place_Capital "Irving Place Capital") - [Primary dealer](https://en.wikipedia.org/wiki/Primary_dealer "Primary dealer") ## References \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=9 "Edit section: References")\] 1. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-1) ["Bear Stearns collapses, sold to J.P. Morgan Chase"](https://www.history.com/this-day-in-history/bear-stearns-sold-to-j-p-morgan-chase). History.com. A\&E Television Networks. January 19, 2018. Retrieved June 28, 2023. 2. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-2) Lowenstein, Roger The End of Wall Street, Penguin Press 2010, pp.xvii,22 [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-59420-239-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-59420-239-1 "Special:BookSources/978-1-59420-239-1") 3. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-3) Sorkin, Andrew Ross (March 24, 2008). ["JPMorgan Raises Bid for Bear Stearns to \$10 a Share"](https://archive.nytimes.com/www.nytimes.com/2008/03/24/business/24deal-web.html). [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times"). [ISSN](https://en.wikipedia.org/wiki/ISSN_$identifier$ "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved February 15, 2025. 4. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-4) Sorkin, Andrew Ross (March 17, 2008). ["JP Morgan Pays \$2 a Share for Bear Stearns"](https://archive.nytimes.com/www.nytimes.com/2008/03/17/business/17bear.html). The New York Times. Retrieved February 15, 2025. 5. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-5) Hester, Elizabeth (January 8, 2010). ["Bear Stearns Brand Finally Fades, Two Years After Collapse"](https://web.archive.org/web/20121102230952/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=auV7mf.egsxI&pos=4). Bloomberg News. Archived from [the original](https://www.bloomberg.com/apps/news?pid=20601087&sid=auV7mf.egsxI&pos=4) on November 2, 2012. Retrieved February 15, 2025. 6. ^ [*a](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-better_6-0) [b](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-better_6-1) ["Could Bear Stearns Do Better?"](https://archive.nytimes.com/www.nytimes.com/2008/03/17/business/17dealbook-could-be21779.html). [DealBook](https://en.wikipedia.org/wiki/DealBook "DealBook"). The New York Times. March 17, 2008. Retrieved February 15, 2025. 7. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-BizHist_7-0)* "Bear Stearns Companies, Inc.", International Directory of Company Histories, Vol. 52, St. James Press, 2003 8. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-8) Tim McLaughlin (November 28, 2007). ["Bear Stearns to cut 650 jobs globally"](https://www.reuters.com/article/us-bearstearns-jobs-idUSN2861070720071128). [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Archived](https://web.archive.org/web/20150924125334/http://www.reuters.com/article/2007/11/28/us-bearstearns-jobs-idUSN2861070720071128) from the original on September 24, 2015. Retrieved June 30, 2017. 9. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-9) ["America's Most Admired Companies 2007 Fortune"](https://money.cnn.com/magazines/fortune/mostadmired/2007/industries/industry_52.html). CNN. Retrieved August 23, 2011. 10. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-10) Boyd, Roddy (March 31, 2008). ["The last days of Bear Stearns"](https://web.archive.org/web/20080919002944/https://money.cnn.com/2008/03/28/magazines/fortune/boyd_bear.fortune/). [Fortune](https://en.wikipedia.org/wiki/Fortune_$magazine$ "Fortune (magazine)"). Archived from [the original](https://money.cnn.com/2008/03/28/magazines/fortune/boyd_bear.fortune/) on September 19, 2008. Retrieved on September 30, 2008. 11. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-11) Burrough, Bryan. ["Bringing Down Bear Stearns"](http://www.vanityfair.com/politics/features/2008/08/bear_stearns200808). [Vanity Fair](https://en.wikipedia.org/wiki/Vanity_Fair_$magazine$ "Vanity Fair (magazine)"). Retrieved June 19, 2013. 12. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-12) Creswell, Julie; Bajaj, Vikas (June 23, 2007), ["\$3.2 Billion Move by Bear Stearns to Rescue Fund"](https://archive.nytimes.com/www.nytimes.com/2007/06/23/business/23bond.html), The New York Times, retrieved February 15, 2025 13. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-13) Siew, Walden; Yoon, Al (June 21, 2007), ["Bear Stearns CDO liquidation sparks contagion fears"](https://www.reuters.com/article/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622), Reuters, [archived](https://web.archive.org/web/20141006171930/http://www.reuters.com/article/2007/06/22/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622) from the original on October 6, 2014, retrieved June 30, 2017 14. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-14) Pittman, Mark (June 21, 2007). ["Bear Stearns Fund Collapse Sends Shock Through CDOs"](https://web.archive.org/web/20070930041720/https://www.bloomberg.com/apps/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home). Bloomberg News. Archived from [the original](https://www.bloomberg.com/apps/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home) on September 30, 2007. Retrieved February 15, 2025. 15. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-15) Bajaj, Vikas (June 30, 2007), ["Bear Stearns Shakes Up Funds Unit"](https://archive.nytimes.com/www.nytimes.com/2007/06/30/business/30bear.html), The New York Times, retrieved February 15, 2025 16. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-16) Grynbaum, Michael M. (September 21, 2007), ["Bear Stearns Profit Plunges 61% on Subprime Woes"](https://archive.nytimes.com/www.nytimes.com/2007/09/21/business/20cnd-wall.html), The New York Times, retrieved February 15, 2025 17. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-17) Basar, Shanny; Ahuja, Vivek (November 15, 2007), ["Bear downgraded in face of first loss in 83 years"](http://www.efinancialnews.com/investmentbanking/content/2449185055/20755/), Financial News Online, retrieved April 16, 2008 18. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-18) ["Behind the Scenes of Bear's Fund Meltdown"](https://archive.nytimes.com/dealbook.nytimes.com/2008/06/19/behind-the-scenes-of-bears-fund-implosion/). DealBook. The New York Times. June 19, 2008. Retrieved February 15, 2025. 19. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-19) Thomas, Landon Jr. (June 20, 2008). ["Prosecutors Build Bear Stearns Case on E-Mails"](https://archive.nytimes.com/www.nytimes.com/2008/06/20/business/20bear.html). The New York Times. Retrieved February 15, 2025. 20. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-20) Hays, Tom (June 19, 2008). ["2 charged on Wall Street in mortgage meltdown"](https://web.archive.org/web/20080620125236/http://news.yahoo.com/s/ap/20080619/ap_on_bi_ge/bear_stearns_investigation). Associated Press. Archived from [the original](https://news.yahoo.com/s/ap/20080619/ap_on_bi_ge/bear_stearns_investigation) on June 20, 2008. Retrieved February 15, 2025. 21. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-ap_61908_21-0) Hays, Tom. ["Ex-Bear Stearns managers arrested at their homes"](https://web.archive.org/web/20080619141549/http://hosted.ap.org/dynamic/stories/B/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT). Archived from [the original](http://hosted.ap.org/dynamic/stories/B/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT) on June 19, 2008. Retrieved February 15, 2025. 22. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-22) [Frontline: Inside the Meltdown – You Have a Weekend to Save Yourself](https://www.pbs.org/wgbh/pages/frontline/video/flv/generic.html?s=frol02s1f81q752) Retrieved February 26, 2009 23. ^ [*a](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-bloomberg.com_23-0) [b](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-bloomberg.com_23-1) Onaran, Yalman (April 2, 2008). ["Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says"](https://web.archive.org/web/20120418172124/http://www.bloomberg.com/apps/news?pid=newsarchive&refer=worldwide&sid=a7coicThgaEE). Bloomberg News. Archived from [the original](https://www.bloomberg.com/apps/news?pid=20601087&refer=worldwide&sid=a7coicThgaEE) on April 18, 2012. Retrieved February 15, 2025. 24. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-24)* ["JPMorgan Chase and Bear Stearns Announce Amended Agreement"](https://web.archive.org/web/20080326180008/http://www.jpmorgan.com/cm/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template). JPMorgan Chase & Co. March 24, 2008. Archived from [the original](http://www.jpmorgan.com/cm/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template) on March 26, 2008. 25. ^ [*a](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-seekingalpha.com_25-0) [b](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-seekingalpha.com_25-1) ["Bear Stearns Bondholders Win Big"](https://seekingalpha.com/article/70098-bear-stearns-bondholders-win-big). Seeking Alpha. March 27, 2008. Retrieved June 19, 2013. 26. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-26)* ["Weekly Market Comment: Why is Bear Stearns Trading at \$6 Instead of \$2"](http://hussmanfunds.com/wmc/wmc080324.htm). Hussman Funds. March 24, 2008. Retrieved June 19, 2013. 27. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-27) ["Bernanke Defends Bear Stearns Bailout"](https://www.cbsnews.com/news/bernanke-defends-bear-stearns-bailout/). CBS News. April 3, 2008. 28. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-28) [Chairman Cox Letter To Basel Committee In Support Of New Guidance On Liquidity Management](https://www.sec.gov/news/press/2008/2008-48_letter.pdf) (PDF), March 20, 2008, retrieved April 16, 2008 29. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-29) [C\&T Files Complaint and Temporary Restraining Order Challenging Bear Stearns Buyout by JPMorgan](https://web.archive.org/web/20080513013022/http://www.chimicles.com/bearstearns/), March 24, 2008, archived from [the original](http://www.chimicles.com/bearstearns/) on May 13, 2008, retrieved April 16, 2008 30. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-30) Thomas, Landon Jr; Dash, Eric (March 25, 2008). ["Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid"](https://archive.nytimes.com/www.nytimes.com/2008/03/25/business/25bear.html). The New York Times. Retrieved February 15, 2025. 31. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-31) Carney, John (January 14, 2019) \[Mar 24, 2008\]. ["Did JP Morgan Understand The Bear Stearns Guarantee?"](https://dealbreaker.com/2008/03/did-jp-morgan-understand-the-bear-stearns-guarantee). Dealbreaker. Retrieved September 22, 2019. `{{cite web}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")) 32. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-32) Adams, Ken (March 24, 2008). ["Drafting Errors in the Bear Stearns Merger Agreement? What a Shock!"](https://www.adamsdrafting.com/drafting-errors-bear-stearns/). Adams on Contract Drafting. Retrieved September 23, 2019. 33. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-33) Niall Ferguson: The Ascent of Money: A Financial History of The World, Chapter 6: From Empire to Chimerica; Chimerica, p. 338 34. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-34) White, Ben (May 29, 2008), ["Bear Stearns passes into Wall Street history"](https://www.ft.com/content/d42c01d2-2d8d-11dd-b92a-000077b07658), [Financial Times](https://en.wikipedia.org/wiki/Financial_Times "Financial Times") 35. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-Taibbi_35-0) [Taibbi, Matt](https://en.wikipedia.org/wiki/Matt_Taibbi "Matt Taibbi") (October 2009). ["Wall Street's Naked Swindle"](https://www.rollingstone.com/politics/news/wall-streets-naked-swindle-20100405). Rolling Stone. Retrieved October 15, 2009. 36. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-36) [Naked Short Selling: The Emperor's New Clothes?](http://www.cfr-cologne.de/download/workingpaper/cfr-09-09.pdf) Centre for Financial Research, May 22, 2009. 37. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-cayne2009_37-0) ["25 People to Blame for the Financial Crisis"](https://web.archive.org/web/20170819114637/http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877327,00.html). [Time](https://en.wikipedia.org/wiki/Time_$magazine$ "Time (magazine)"). February 11, 2009. Archived from the original on August 19, 2017. Retrieved December 28, 2021. 38. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-38) Wright, William (March 17, 2008). ["Employees lose \$5bn on Bear Stearns"](http://www.efinancialnews.com/assetmanagement/pensionfunds/content/2450071941). Financial News. Retrieved on September 30, 2008. ## Further reading \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=10 "Edit section: Further reading")\] - William Cohan, [House of Cards: A Tale of Hubris and Wretched Excess on Wall Street](https://en.wikipedia.org/wiki/House_of_Cards_$Cohan_book$ "House of Cards (Cohan book)"), 2010. ## External links \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=11 "Edit section: External links")\] - [Official site](https://web.archive.org/web/20080312203351/http://www.bearstearns.com/) at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") (archived March 12, 2008) - [Frontline: Inside the Meltdown Analysis—The Bear Stearns Rescue](https://www.pbs.org/wgbh/pages/frontline/meltdown/themes/bear.html) - [The New York Times Timeline of Bear Stearns' history](https://archive.nytimes.com/www.nytimes.com/imagepages/2008/03/17/business/20080317_BEAR_STEARNS_GRAPHIC.html) \| Links to related articles \| \| \| \|---\|---\|---\| \| [v](https://en.wikipedia.org/wiki/Template:JPMorgan_Chase "Template:JPMorgan Chase") [t](https://en.wikipedia.org/wiki/Template_talk:JPMorgan_Chase "Template talk:JPMorgan Chase") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:JPMorgan_Chase "Special:EditPage/Template:JPMorgan Chase")[JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase") \| \| \| \| Divisions \| [Beacon Rail](https://en.wikipedia.org/wiki/Beacon_Rail "Beacon Rail") [Chase Bank](https://en.wikipedia.org/wiki/Chase_Bank "Chase Bank") [Chase UK](https://en.wikipedia.org/wiki/Chase_UK "Chase UK") [Chase Paymentech](https://en.wikipedia.org/wiki/Chase_Paymentech "Chase Paymentech") Chase Card Services Canada EMC Mortgage Company [Highbridge Capital Management](https://en.wikipedia.org/wiki/Highbridge_Capital_Management "Highbridge Capital Management") [JP Morgan & Co](https://en.wikipedia.org/wiki/JP_Morgan_%26_Co "JP Morgan & Co") [One Equity Partners](https://en.wikipedia.org/wiki/One_Equity_Partners "One Equity Partners") \| [![](https://upload.wikimedia.org/wikipedia/commons/thumb/0/07/J_P_Morgan_Chase_Logo_2008_1.svg/250px-J_P_Morgan_Chase_Logo_2008_1.svg.png)](https://en.wikipedia.org/wiki/File:J_P_Morgan_Chase_Logo_2008_1.svg) \| \| Notable executives \| \| \| \| \| \| \| \| current \| [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon") (CEO) [Mary Callahan Erdoes](https://en.wikipedia.org/wiki/Mary_Callahan_Erdoes "Mary Callahan Erdoes") Daniel E. Pinto Gordon A. Smith [Marianne Lake](https://en.wikipedia.org/wiki/Marianne_Lake "Marianne Lake") [Jing Ulrich](https://en.wikipedia.org/wiki/Jing_Ulrich "Jing Ulrich") \| \| \| former \| [John Pierpont Morgan](https://en.wikipedia.org/wiki/J._P._Morgan "J. P. Morgan") [J. P. Morgan Jr.](https://en.wikipedia.org/wiki/J._P._Morgan_Jr. "J. P. Morgan Jr.") [Junius Spencer Morgan](https://en.wikipedia.org/wiki/Junius_Spencer_Morgan "Junius Spencer Morgan") [George Peabody](https://en.wikipedia.org/wiki/George_Peabody "George Peabody") [Henry Sturgis Morgan](https://en.wikipedia.org/wiki/Henry_Sturgis_Morgan "Henry Sturgis Morgan") [David Rockefeller](https://en.wikipedia.org/wiki/David_Rockefeller "David Rockefeller") [William B. Harrison Jr.](https://en.wikipedia.org/wiki/William_B._Harrison_Jr. "William B. Harrison Jr.") [John B. McCoy](https://en.wikipedia.org/wiki/John_B._McCoy "John B. McCoy") [Walter V. Shipley](https://en.wikipedia.org/wiki/Walter_V._Shipley "Walter V. Shipley") [Douglas A. Warner III](https://en.wikipedia.org/wiki/Douglas_A._Warner_III "Douglas A. Warner III") [Temple Bowdoin](https://en.wikipedia.org/wiki/Temple_Bowdoin "Temple Bowdoin") [Jes Staley](https://en.wikipedia.org/wiki/Jes_Staley "Jes Staley") [Blythe Masters](https://en.wikipedia.org/wiki/Blythe_Masters "Blythe Masters") [James B. Lee Jr.](https://en.wikipedia.org/wiki/James_B._Lee_Jr. "James B. Lee Jr.") [Thomas W. Lamont](https://en.wikipedia.org/wiki/Thomas_W._Lamont "Thomas W. Lamont") [Dennis Weatherstone](https://en.wikipedia.org/wiki/Dennis_Weatherstone "Dennis Weatherstone") [John J. McCloy](https://en.wikipedia.org/wiki/John_J._McCloy "John J. McCloy") [Winthrop Aldrich](https://en.wikipedia.org/wiki/Winthrop_Aldrich "Winthrop Aldrich") Matthew Zames [Steven Black](https://en.wikipedia.org/wiki/Steven_Black_$businessman$ "Steven Black (businessman)") \| \| \| [Board of directors](https://en.wikipedia.org/wiki/Board_of_directors "Board of directors") \| Linda Bammann [Steve Burke](https://en.wikipedia.org/wiki/Steve_Burke_$businessman$ "Steve Burke (businessman)") [Todd Combs](https://en.wikipedia.org/wiki/Todd_Combs "Todd Combs") [James Crown](https://en.wikipedia.org/wiki/James_Crown "James Crown") [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon") Timothy Flynn [Laban Jackson](https://en.wikipedia.org/wiki/Laban_Jackson "Laban Jackson") [Mellody Hobson](https://en.wikipedia.org/wiki/Mellody_Hobson "Mellody Hobson") Michael Neal [Phebe N. Novakovic](https://en.wikipedia.org/wiki/Phebe_N._Novakovic "Phebe N. Novakovic") [Virginia Rometty](https://en.wikipedia.org/wiki/Virginia_Rometty "Virginia Rometty") \| \| \| Historical components \| [American Fletcher](https://en.wikipedia.org/wiki/American_Fletcher_National_Bank "American Fletcher National Bank") [American Savings and Loan](https://en.wikipedia.org/wiki/American_Savings_and_Loan "American Savings and Loan") Anchor Savings Bank [Banca Commerciale Italiana Trust Co.](https://en.wikipedia.org/wiki/Banca_Commerciale_Italiana_Trust_Co. "Banca Commerciale Italiana Trust Co.") [Bank One](https://en.wikipedia.org/wiki/Bank_One_Corporation "Bank One Corporation") [Bank United of Texas](https://en.wikipedia.org/wiki/Bank_United_of_Texas "Bank United of Texas") [Bear Stearns]() [CenTrust Bank](https://en.wikipedia.org/wiki/CenTrust_Bank "CenTrust Bank") [Chase Manhattan Bank](https://en.wikipedia.org/wiki/Chase_Bank#Merger_as_Chase_Manhattan_Bank "Chase Bank") [Chatham Phenix National Bank and Trust Company of New York](https://en.wikipedia.org/wiki/Chatham_Phenix_National_Bank_and_Trust_Company_of_New_York "Chatham Phenix National Bank and Trust Company of New York") [Chemical Bank](https://en.wikipedia.org/wiki/Chemical_Bank "Chemical Bank") [Continental Bank & Trust](https://en.wikipedia.org/wiki/Continental_Bank_and_Trust_Company "Continental Bank and Trust Company") [Corn Exchange Bank](https://en.wikipedia.org/wiki/Corn_Exchange_Bank "Corn Exchange Bank") [Dime Savings Bank of New York](https://en.wikipedia.org/wiki/Dime_Savings_Bank_of_New_York "Dime Savings Bank of New York") [First Chicago](https://en.wikipedia.org/wiki/First_Chicago_Bank "First Chicago Bank") [First USA](https://en.wikipedia.org/wiki/First_USA_Bank "First USA Bank") [Fourth National Bank of New York](https://en.wikipedia.org/wiki/Fourth_National_Bank_of_New_York "Fourth National Bank of New York") [Great Western Bank](https://en.wikipedia.org/wiki/Great_Western_Bank_$1919%E2%80%931997$ "Great Western Bank (1919–1997)") [Hambrecht & Quist](https://en.wikipedia.org/wiki/Hambrecht_%26_Quist "Hambrecht & Quist") [HF Ahmanson & Co.](https://en.wikipedia.org/wiki/HF_Ahmanson_%26_Co. "HF Ahmanson & Co.") [Indiana National](https://en.wikipedia.org/wiki/INB_Financial_Corporation "INB Financial Corporation") [Jardine Fleming](https://en.wikipedia.org/wiki/Jardine_Fleming "Jardine Fleming") [JP Morgan & Co](https://en.wikipedia.org/wiki/JP_Morgan_%26_Co "JP Morgan & Co") [Lincoln Savings](https://en.wikipedia.org/wiki/Lincoln_Savings "Lincoln Savings") [Manufacturers Hanover](https://en.wikipedia.org/wiki/Manufacturers_Hanover "Manufacturers Hanover") [Mechanics and Metals National Bank](https://en.wikipedia.org/wiki/Mechanics_and_Metals_National_Bank "Mechanics and Metals National Bank") [Metropolitan Trust Company](https://en.wikipedia.org/wiki/Metropolitan_Trust_Company "Metropolitan Trust Company") [National Bank of Detroit](https://en.wikipedia.org/wiki/National_Bank_of_Detroit "National Bank of Detroit") [National Bank of Commerce in New York](https://en.wikipedia.org/wiki/National_Bank_of_Commerce_in_New_York "National Bank of Commerce in New York") [National Park Bank](https://en.wikipedia.org/wiki/National_Park_Bank "National Park Bank") [New York Trust Company](https://en.wikipedia.org/wiki/New_York_Trust_Company "New York Trust Company") [Ord Minnett](https://en.wikipedia.org/wiki/Ord_Minnett "Ord Minnett") [Providian](https://en.wikipedia.org/wiki/Providian "Providian") [Robert Fleming & Co](https://en.wikipedia.org/wiki/Robert_Fleming_%26_Co "Robert Fleming & Co") [State Bank of Chicago](https://en.wikipedia.org/wiki/State_Bank_of_Chicago "State Bank of Chicago") [Texas Commerce Bank](https://en.wikipedia.org/wiki/Texas_Commerce_Bank "Texas Commerce Bank") [The Manhattan Company](https://en.wikipedia.org/wiki/The_Manhattan_Company "The Manhattan Company") [Trust Company of America](https://en.wikipedia.org/wiki/Trust_Company_of_America "Trust Company of America") [Valley National Bank of Arizona](https://en.wikipedia.org/wiki/Valley_National_Bank_of_Arizona "Valley National Bank of Arizona") [Washington Mutual](https://en.wikipedia.org/wiki/Washington_Mutual "Washington Mutual") \| \| \| Buildings \| [125 London Wall](https://en.wikipedia.org/wiki/125_London_Wall "125 London Wall") [245 Park Avenue](https://en.wikipedia.org/wiki/245_Park_Avenue "245 Park Avenue") [25 Bank Street](https://en.wikipedia.org/wiki/25_Bank_Street "25 Bank Street") [270 Park Avenue (1960–2021)](https://en.wikipedia.org/wiki/270_Park_Avenue_$1960%E2%80%932021$ "270 Park Avenue (1960–2021)") [270 Park Avenue (2025–present)](https://en.wikipedia.org/wiki/270_Park_Avenue_$2025%E2%80%93present$ "270 Park Avenue (2025–present)") [277 Park Avenue](https://en.wikipedia.org/wiki/277_Park_Avenue "277 Park Avenue") [383 Madison Avenue](https://en.wikipedia.org/wiki/383_Madison_Avenue "383 Madison Avenue") [Chase Center](https://en.wikipedia.org/wiki/Chase_Center "Chase Center") [Chase Field](https://en.wikipedia.org/wiki/Chase_Field "Chase Field") [Chase Tower (Amarillo)](https://en.wikipedia.org/wiki/Chase_Tower_$Amarillo$ "Chase Tower (Amarillo)") [Chase Tower (Chicago)](https://en.wikipedia.org/wiki/Chase_Tower_$Chicago$ "Chase Tower (Chicago)") [Chase Tower (Dallas)](https://en.wikipedia.org/wiki/Chase_Tower_$Dallas$ "Chase Tower (Dallas)") [Chase Tower (El Paso)](https://en.wikipedia.org/wiki/Chase_Tower_$El_Paso$ "Chase Tower (El Paso)") [Chase Tower (Englewood, Colorado)](https://en.wikipedia.org/w/index.php?title=Chase_Tower_$Englewood,_Colorado$&action=edit&redlink=1 "Chase Tower (Englewood, Colorado) (page does not exist)") [Chase Tower (Indianapolis)](https://en.wikipedia.org/wiki/Chase_Tower_$Indianapolis$ "Chase Tower (Indianapolis)") [Chase Tower (Milwaukee)](https://en.wikipedia.org/wiki/Chase_Tower_$Milwaukee$ "Chase Tower (Milwaukee)") [Chase Tower (Oklahoma City)](https://en.wikipedia.org/wiki/Chase_Tower_$Oklahoma_City$ "Chase Tower (Oklahoma City)") [Chase Tower (Phoenix)](https://en.wikipedia.org/wiki/Chase_Tower_$Phoenix$ "Chase Tower (Phoenix)") [Chase Tower (Rochester)](https://en.wikipedia.org/wiki/Chase_Tower_$Rochester$ "Chase Tower (Rochester)") [Chater House](https://en.wikipedia.org/wiki/Chater_House "Chater House") [Indiana Michigan Power Center (Fort Wayne)](https://en.wikipedia.org/wiki/Summit_Square "Summit Square") [JPMorgan Chase Building (San Francisco)](https://en.wikipedia.org/wiki/JPMorgan_Chase_Building_$San_Francisco$ "JPMorgan Chase Building (San Francisco)") [JPMorgan Chase Tower (Houston)](https://en.wikipedia.org/wiki/JPMorgan_Chase_Tower_$Houston$ "JPMorgan Chase Tower (Houston)") [McCoy Center](https://en.wikipedia.org/wiki/McCoy_Center "McCoy Center") [One Chase Manhattan Plaza](https://en.wikipedia.org/wiki/28_Liberty_Street "28 Liberty Street") [The Qube (Detroit)](https://en.wikipedia.org/wiki/The_Qube_$Detroit$ "The Qube (Detroit)") \| \| \| ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:JPMorgan_Chase "Category:JPMorgan Chase") [![](https://upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/20px-Commons-logo.svg.png)](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") [Commons](https://commons.wikimedia.org/wiki/Category:JPMorgan_Chase "commons:Category:JPMorgan Chase") [![](https://upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/20px-Wikiversity_logo_2017.svg.png)](https://en.wikipedia.org/wiki/File:Wikiversity_logo_2017.svg "Wikiversity page") [Wikiversity](https://en.wikiversity.org/wiki/JPMorgan_Chase "v:JPMorgan Chase") \| \| \| \| [v](https://en.wikipedia.org/wiki/Template:Investment_banks "Template:Investment banks") [t](https://en.wikipedia.org/wiki/Template_talk:Investment_banks "Template talk:Investment banks") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Investment_banks "Special:EditPage/Template:Investment banks")[Investment banks](https://en.wikipedia.org/wiki/Investment_banking "Investment banking") \| \| \| \| Divisions of [universal banks](https://en.wikipedia.org/wiki/Universal_bank "Universal bank") \| \| \| \| \| \| \| \| [Bulge bracket](https://en.wikipedia.org/wiki/Bulge_bracket "Bulge bracket") \| [Barclays](https://en.wikipedia.org/wiki/Barclays "Barclays") [Bank of America](https://en.wikipedia.org/wiki/Bank_of_America "Bank of America") [Citigroup](https://en.wikipedia.org/wiki/Citigroup "Citigroup") [Deutsche Bank](https://en.wikipedia.org/wiki/Deutsche_Bank "Deutsche Bank") [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase") [UBS](https://en.wikipedia.org/wiki/UBS "UBS") \| \| \| [Americas](https://en.wikipedia.org/wiki/Americas "Americas") \| [Bradesco BBI](https://en.wikipedia.org/wiki/Banco_Bradesco "Banco Bradesco") [BMO Capital Markets](https://en.wikipedia.org/wiki/BMO_Capital_Markets "BMO Capital Markets") [CIBC Capital Markets](https://en.wikipedia.org/wiki/CIBC_Capital_Markets "CIBC Capital Markets") [Itaú BBA](https://en.wikipedia.org/wiki/Ita%C3%BA_Unibanco "Itaú Unibanco") [National Bank Financial Markets](https://en.wikipedia.org/wiki/National_Bank_of_Canada "National Bank of Canada") [RBC Capital Markets](https://en.wikipedia.org/wiki/RBC_Capital_Markets "RBC Capital Markets") [Scotiabank GBM](https://en.wikipedia.org/wiki/Scotiabank "Scotiabank") [TD Securities](https://en.wikipedia.org/wiki/TD_Securities "TD Securities") [TD Cowen](https://en.wikipedia.org/wiki/TD_Cowen "TD Cowen") [Wells Fargo Securities](https://en.wikipedia.org/wiki/Wells_Fargo "Wells Fargo") \| \| \| [EMEA](https://en.wikipedia.org/wiki/Europe,_the_Middle_East_and_Africa "Europe, the Middle East and Africa") \| [Banca Akros](https://en.wikipedia.org/wiki/Banca_Akros "Banca Akros") [Banca IMI](https://en.wikipedia.org/wiki/Banca_IMI "Banca IMI") [BNP Paribas CIB](https://en.wikipedia.org/wiki/BNP_Paribas_CIB "BNP Paribas CIB") [Crédit Agricole CIB](https://en.wikipedia.org/wiki/Cr%C3%A9dit_Agricole_Corporate_and_Investment_Bank "Crédit Agricole Corporate and Investment Bank") [Credit Suisse](https://en.wikipedia.org/wiki/Credit_Suisse "Credit Suisse") [Danske Bank LC\&I](https://en.wikipedia.org/wiki/Danske_Bank "Danske Bank") [First Abu Dhabi Bank CIB](https://en.wikipedia.org/wiki/First_Abu_Dhabi_Bank "First Abu Dhabi Bank") [Handelsbanken Capital Markets](https://en.wikipedia.org/wiki/Handelsbanken "Handelsbanken") [HSBC GBM](https://en.wikipedia.org/wiki/HSBC "HSBC") [ING WB](https://en.wikipedia.org/wiki/ING_Group "ING Group") [İş Yatırım](https://en.wikipedia.org/wiki/%C4%B0%C5%9F_Yat%C4%B1r%C4%B1m "İş Yatırım") [Lloyds Bank Corporate Markets](https://en.wikipedia.org/wiki/Lloyds_Bank_Corporate_Markets "Lloyds Bank Corporate Markets") [Natixis](https://en.wikipedia.org/wiki/Natixis "Natixis") [NatWest Markets](https://en.wikipedia.org/wiki/NatWest_Markets "NatWest Markets") [Nordea CI\&IB](https://en.wikipedia.org/wiki/Nordea "Nordea") [Santander CIB](https://en.wikipedia.org/wiki/Banco_Santander "Banco Santander") [Sberbank CIB](https://en.wikipedia.org/wiki/Sberbank_CIB "Sberbank CIB") [SEB LC\&FI](https://en.wikipedia.org/wiki/SEB_Group "SEB Group") [Société Générale CIB](https://en.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale "Société Générale") [Standard Chartered CCIB](https://en.wikipedia.org/wiki/Standard_Chartered "Standard Chartered") [UniCredit CIB](https://en.wikipedia.org/wiki/UniCredit "UniCredit") [VTB Capital](https://en.wikipedia.org/wiki/VTB_Capital "VTB Capital") \| \| \| [APAC](https://en.wikipedia.org/wiki/Asia%E2%80%93Pacific "Asia–Pacific") \| [BOC International](https://en.wikipedia.org/wiki/BOC_International "BOC International") [CITIC Securities](https://en.wikipedia.org/wiki/CITIC_Securities "CITIC Securities") [CLSA](https://en.wikipedia.org/wiki/CLSA "CLSA") [CSC Financial](https://en.wikipedia.org/wiki/CSC_Financial "CSC Financial") [Mitsubishi UFJ Securities](https://en.wikipedia.org/wiki/Mitsubishi_UFJ_Securities "Mitsubishi UFJ Securities") [Mizuho Securities](https://en.wikipedia.org/wiki/Mizuho_Securities "Mizuho Securities") [NH Investment & Securities](https://en.wikipedia.org/wiki/NH_Investment_%26_Securities "NH Investment & Securities") [SBI Capital Markets](https://en.wikipedia.org/wiki/SBI_Capital_Markets "SBI Capital Markets") [SMBC Nikko Securities](https://en.wikipedia.org/wiki/SMBC_Nikko_Securities "SMBC Nikko Securities") [UOB-Kay Hian](https://en.wikipedia.org/wiki/UOB-Kay_Hian "UOB-Kay Hian") \| \| \| Independents \| \| \| \| \| \| \| \| Bulge bracket \| [Goldman Sachs](https://en.wikipedia.org/wiki/Goldman_Sachs "Goldman Sachs") [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") \| \| \| Americas \| [Allen & Company](https://en.wikipedia.org/wiki/Allen_%26_Company "Allen & Company") [B.C. Ziegler](https://en.wikipedia.org/wiki/B.C._Ziegler "B.C. Ziegler") [B. Riley Financial](https://en.wikipedia.org/wiki/B._Riley_Financial "B. Riley Financial") [FBR Capital Markets](https://en.wikipedia.org/wiki/FBR_Capital_Markets "FBR Capital Markets") [Baird](https://en.wikipedia.org/wiki/Baird_$investment_bank$ "Baird (investment bank)") [BDT & MSD Partners](https://en.wikipedia.org/wiki/BDT_%26_MSD_Partners "BDT & MSD Partners") [Brown Brothers Harriman](https://en.wikipedia.org/wiki/Brown_Brothers_Harriman "Brown Brothers Harriman") [Brown Gibbons Lang & Company](https://en.wikipedia.org/wiki/Brown_Gibbons_Lang_%26_Company "Brown Gibbons Lang & Company") [BTG Pactual](https://en.wikipedia.org/wiki/BTG_Pactual "BTG Pactual") [Canaccord Genuity](https://en.wikipedia.org/wiki/Canaccord_Genuity "Canaccord Genuity") [Cantor Fitzgerald](https://en.wikipedia.org/wiki/Cantor_Fitzgerald "Cantor Fitzgerald") [Centerview Partners](https://en.wikipedia.org/wiki/Centerview_Partners "Centerview Partners") [Drexel Hamilton](https://en.wikipedia.org/wiki/Drexel_Hamilton "Drexel Hamilton") [Ducera Partners](https://en.wikipedia.org/wiki/Ducera_Partners "Ducera Partners") [Evercore](https://en.wikipedia.org/wiki/Evercore "Evercore") [Financial Technology Partners](https://en.wikipedia.org/wiki/Financial_Technology_Partners "Financial Technology Partners") [Greenhill & Co.](https://en.wikipedia.org/wiki/Greenhill_%26_Co. "Greenhill & Co.") [Guggenheim Partners](https://en.wikipedia.org/wiki/Guggenheim_Partners "Guggenheim Partners") [Harris Williams & Co.](https://en.wikipedia.org/wiki/Harris_Williams_%26_Co. "Harris Williams & Co.") [Houlihan Lokey](https://en.wikipedia.org/wiki/Houlihan_Lokey "Houlihan Lokey") [Jefferies](https://en.wikipedia.org/wiki/Jefferies_Group "Jefferies Group") [Lazard](https://en.wikipedia.org/wiki/Lazard "Lazard") [Leerink Partners](https://en.wikipedia.org/wiki/Leerink_Partners "Leerink Partners") [Lincoln International](https://en.wikipedia.org/wiki/Lincoln_International "Lincoln International") [LionTree](https://en.wikipedia.org/wiki/LionTree "LionTree") [Marathon Capital](https://en.wikipedia.org/wiki/Marathon_Capital "Marathon Capital") [Moelis & Company](https://en.wikipedia.org/wiki/Moelis_%26_Company "Moelis & Company") [Oppenheimer](https://en.wikipedia.org/wiki/Oppenheimer_Holdings "Oppenheimer Holdings") [Perella Weinberg Partners](https://en.wikipedia.org/wiki/Perella_Weinberg_Partners "Perella Weinberg Partners") [Piper Sandler](https://en.wikipedia.org/wiki/Piper_Sandler "Piper Sandler") [PJT Partners](https://en.wikipedia.org/wiki/PJT_Partners "PJT Partners") [Qatalyst Partners](https://en.wikipedia.org/wiki/Qatalyst_Partners "Qatalyst Partners") [The Raine Group](https://en.wikipedia.org/wiki/The_Raine_Group "The Raine Group") [Raymond James Financial](https://en.wikipedia.org/wiki/Raymond_James_Financial "Raymond James Financial") [Roth Capital Partners](https://en.wikipedia.org/wiki/Roth_Capital_Partners "Roth Capital Partners") [Seabury Capital](https://en.wikipedia.org/wiki/Seabury_Capital "Seabury Capital") [Solomon Partners](https://en.wikipedia.org/wiki/Solomon_Partners "Solomon Partners") [Stephens Inc.](https://en.wikipedia.org/wiki/Stephens_Inc. "Stephens Inc.") [Stifel](https://en.wikipedia.org/wiki/Stifel "Stifel") [Keefe, Bruyette & Woods](https://en.wikipedia.org/wiki/Keefe,_Bruyette_%26_Woods "Keefe, Bruyette & Woods") [Miller Buckfire & Co.](https://en.wikipedia.org/wiki/Miller_Buckfire_%26_Co. "Miller Buckfire & Co.") [Stone Key Partners](https://en.wikipedia.org/wiki/Stone_Key_Partners "Stone Key Partners") [Wedbush Securities](https://en.wikipedia.org/wiki/Wedbush_Securities "Wedbush Securities") [William Blair & Company](https://en.wikipedia.org/wiki/William_Blair_%26_Company "William Blair & Company") \| \| \| EMEA \| [Arbuthnot Latham](https://en.wikipedia.org/wiki/Arbuthnot_Latham "Arbuthnot Latham") [AAIB](https://en.wikipedia.org/wiki/African_Alliance_Investment_Bank "African Alliance Investment Bank") [ABG Sundal Collier](https://en.wikipedia.org/wiki/ABG_Sundal_Collier "ABG Sundal Collier") [Berenberg Bank](https://en.wikipedia.org/wiki/Berenberg_Bank "Berenberg Bank") [Bpifrance](https://en.wikipedia.org/wiki/Bpifrance "Bpifrance") [Carnegie](https://en.wikipedia.org/wiki/Carnegie_Investment_Bank "Carnegie Investment Bank") [EFG Hermes](https://en.wikipedia.org/wiki/EFG_Hermes "EFG Hermes") [Investec](https://en.wikipedia.org/wiki/Investec "Investec") [Kempen](https://en.wikipedia.org/wiki/Van_Lanschot_Kempen "Van Lanschot Kempen") [Mediobanca](https://en.wikipedia.org/wiki/Mediobanca "Mediobanca") [Numis](https://en.wikipedia.org/wiki/Numis "Numis") [Renaissance Capital](https://en.wikipedia.org/wiki/Renaissance_Capital_$Russian_company$ "Renaissance Capital (Russian company)") [Robey Warshaw](https://en.wikipedia.org/wiki/Robey_Warshaw "Robey Warshaw") [Rothschild & Co](https://en.wikipedia.org/wiki/Rothschild_%26_Co "Rothschild & Co") [Zaoui & Co.](https://en.wikipedia.org/wiki/Zaoui_%26_Co. "Zaoui & Co.") \| \| \| APAC \| [Barrenjoey Capital Partners](https://en.wikipedia.org/wiki/Barrenjoey_Capital_Partners "Barrenjoey Capital Partners") [China Galaxy Securities](https://en.wikipedia.org/wiki/China_Galaxy_Securities "China Galaxy Securities") [China International Capital Corporation](https://en.wikipedia.org/wiki/China_International_Capital_Corporation "China International Capital Corporation") [China Renaissance](https://en.wikipedia.org/wiki/China_Renaissance "China Renaissance") [Daiwa Securities Group](https://en.wikipedia.org/wiki/Daiwa_Securities_Group "Daiwa Securities Group") [Everbright Securities](https://en.wikipedia.org/wiki/Everbright_Securities "Everbright Securities") [GF Securities](https://en.wikipedia.org/wiki/GF_Securities "GF Securities") [Guosen Securities](https://en.wikipedia.org/wiki/Guosen_Securities "Guosen Securities") [Guotai Haitong Securities](https://en.wikipedia.org/wiki/Guotai_Haitong_Securities "Guotai Haitong Securities") [Huatai Securities](https://en.wikipedia.org/wiki/Huatai_Securities "Huatai Securities") [JM Financial](https://en.wikipedia.org/wiki/JM_Financial "JM Financial") [Macquarie Group](https://en.wikipedia.org/wiki/Macquarie_Group "Macquarie Group") [Mirae Asset Securities](https://en.wikipedia.org/wiki/Mirae_Asset_Securities "Mirae Asset Securities") [Nomura Securities](https://en.wikipedia.org/wiki/Nomura_Securities "Nomura Securities") [Orient Securities](https://en.wikipedia.org/wiki/Orient_Securities "Orient Securities") [Samsung Securities](https://en.wikipedia.org/wiki/Samsung_Securities "Samsung Securities") [Shenwan Hongyuan](https://en.wikipedia.org/wiki/Shenwan_Hongyuan "Shenwan Hongyuan") [Somerley Capital](https://en.wikipedia.org/wiki/Somerley_Capital "Somerley Capital") [Zhongtai Securities](https://en.wikipedia.org/wiki/Zhongtai_Securities "Zhongtai Securities") \| \| \| ![](https://upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/20px-Symbol_category_class.svg.png) [Category](https://en.wikipedia.org/wiki/Category:Investment_banks "Category:Investment banks") ![](https://upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/20px-Symbol_list_class.svg.png) [List](https://en.wikipedia.org/wiki/List_of_investment_banks "List of investment banks") \| \| \| \| [v](https://en.wikipedia.org/wiki/Template:Corporate_scandals "Template:Corporate scandals") [t](https://en.wikipedia.org/wiki/Template_talk:Corporate_scandals "Template talk:Corporate scandals") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Corporate_scandals "Special:EditPage/Template:Corporate scandals")[Corporate scandals](https://en.wikipedia.org/wiki/List_of_corporate_collapses_and_scandals "List of corporate collapses and scandals") \| \| \| \| [South Sea Company](https://en.wikipedia.org/wiki/South_Sea_Company "South Sea Company") (1720) [Panic of 1890 (Baring crisis)](https://en.wikipedia.org/wiki/Baring_crisis "Baring crisis") (1890) [Salad Oil](https://en.wikipedia.org/wiki/Salad_Oil_scandal "Salad Oil scandal") (1963) [Kinney Services, Inc.](https://en.wikipedia.org/wiki/Kinney_National_Company#Financial_scandal,_spinoff_and_reorganization "Kinney National Company") (1971) [Banco Ambrosiano](https://en.wikipedia.org/wiki/Banco_Ambrosiano "Banco Ambrosiano") (1982) [Carrian Group](https://en.wikipedia.org/wiki/Carrian_Group "Carrian Group") (1983) [Guinness](https://en.wikipedia.org/wiki/Guinness_share-trading_fraud "Guinness share-trading fraud") (1986) [Bofors scandal](https://en.wikipedia.org/wiki/Bofors_scandal "Bofors scandal") (1990) [Polly Peck](https://en.wikipedia.org/wiki/Polly_Peck "Polly Peck") (1990) [Bank of Credit and Commerce International](https://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International "Bank of Credit and Commerce International") (1990) [Robert Maxwell](https://en.wikipedia.org/wiki/Robert_Maxwell "Robert Maxwell") (1991) [Indian stock market scam](https://en.wikipedia.org/wiki/1992_Indian_stock_market_scam "1992 Indian stock market scam") (1992) [Banesto](https://en.wikipedia.org/wiki/Banesto#1993_crisis_&_intervention "Banesto") (1993) [Metallgesellschaft](https://en.wikipedia.org/wiki/Metallgesellschaft#Hedging_debacle "Metallgesellschaft") (1993) [Towers Financial Corporation](https://en.wikipedia.org/wiki/Towers_Financial_Corporation "Towers Financial Corporation") (1993) [Barings Bank](https://en.wikipedia.org/wiki/Barings_Bank "Barings Bank") (1995) [Sumitomo Corporation](https://en.wikipedia.org/wiki/Sumitomo_copper_affair "Sumitomo copper affair") (1996) [Lysine price-fixing conspiracy](https://en.wikipedia.org/wiki/Lysine_price-fixing_conspiracy "Lysine price-fixing conspiracy") (1997) [Daewoo](https://en.wikipedia.org/wiki/Daewoo_dissolution_and_corruption_scandal "Daewoo dissolution and corruption scandal") (1999–2006) [Long-Term Capital Management](https://en.wikipedia.org/wiki/Long-Term_Capital_Management "Long-Term Capital Management") (2000) [CINAR](https://en.wikipedia.org/wiki/CINAR_scandal "CINAR scandal") (2000) [One.Tel](https://en.wikipedia.org/wiki/One.Tel "One.Tel") (2001) [Enron](https://en.wikipedia.org/wiki/Enron_scandal "Enron scandal") (2001) [Adelphia](https://en.wikipedia.org/wiki/Adelphia_Communications_Corporation "Adelphia Communications Corporation") (2002) [WorldCom](https://en.wikipedia.org/wiki/WorldCom_scandal "WorldCom scandal") (2002) [Parmalat](https://en.wikipedia.org/wiki/Parmalat_bankruptcy_timeline "Parmalat bankruptcy timeline") (2003–2005) [Tyco](https://en.wikipedia.org/wiki/Tyco_International#Corporate_scandal_of_2002 "Tyco International") (2004) [Bayou Hedge Fund Group](https://en.wikipedia.org/wiki/Bayou_Hedge_Fund_Group "Bayou Hedge Fund Group") (2005) [Société Générale](https://en.wikipedia.org/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss "2008 Société Générale trading loss") (2008) [Bear Stearns](https://en.wikipedia.org/wiki/Bear_Stearns#Subprime_mortgage_hedge_fund_crisis) (2008) [Libor](https://en.wikipedia.org/wiki/Libor_scandal "Libor scandal") (2008–2012) [Anglo Irish Bank](https://en.wikipedia.org/wiki/Anglo_Irish_Bank_hidden_loans_controversy "Anglo Irish Bank hidden loans controversy") (2008–2011) [Volkswagen emissions scandal](https://en.wikipedia.org/wiki/Volkswagen_emissions_scandal "Volkswagen emissions scandal") (2008–2015) [Satyam](https://en.wikipedia.org/wiki/Satyam_scandal "Satyam scandal") (2009) [2G spectrum case](https://en.wikipedia.org/wiki/2G_spectrum_case "2G spectrum case") (2010–2019) [National Herald corruption case](https://en.wikipedia.org/wiki/National_Herald_corruption_case "National Herald corruption case") (2010–ongoing) [News Corporation scandal](https://en.wikipedia.org/wiki/News_Corporation_scandal "News Corporation scandal") (2011) [Olympus](https://en.wikipedia.org/wiki/Olympus_scandal "Olympus scandal") (2011) [Indian coal allocation scam](https://en.wikipedia.org/wiki/Indian_coal_allocation_scam "Indian coal allocation scam") (2012) [OCZ](https://en.wikipedia.org/wiki/OCZ#Accounting_practices "OCZ") (2012–2013) [Saradha Group financial scandal](https://en.wikipedia.org/wiki/Saradha_Group_financial_scandal "Saradha Group financial scandal") (2013–ongoing) [Forex](https://en.wikipedia.org/wiki/Forex_scandal "Forex scandal") (2013–ongoing) [Toshiba](https://en.wikipedia.org/wiki/Toshiba#2015_accounting_scandal "Toshiba") (2015) [1Malaysia Development Berhad](https://en.wikipedia.org/wiki/1Malaysia_Development_Berhad_scandal "1Malaysia Development Berhad scandal") (2015–ongoing) [Wells Fargo account fraud scandal](https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal "Wells Fargo account fraud scandal") (2016–ongoing) [Facebook–Cambridge Analytica data scandal](https://en.wikipedia.org/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal "Facebook–Cambridge Analytica data scandal") (2018) [Moser Baer](https://en.wikipedia.org/wiki/Moser_Baer "Moser Baer") (2019) [Wirecard](https://en.wikipedia.org/wiki/Wirecard_scandal "Wirecard scandal") (2020) [Nikola](https://en.wikipedia.org/wiki/Nikola_Corporation#Fraud_allegations "Nikola Corporation") (2020) [Facebook company files leak](https://en.wikipedia.org/wiki/2021_Facebook_leak "2021 Facebook leak") (2021) \| \| \| \| [Accounting scandals](https://en.wikipedia.org/wiki/Accounting_scandals "Accounting scandals") [Corporate haven](https://en.wikipedia.org/wiki/Corporate_haven "Corporate haven") [Unreported employment](https://en.wikipedia.org/wiki/Unreported_employment "Unreported employment") \| \| \| \| [v](https://en.wikipedia.org/wiki/Template:Great_Recession "Template:Great Recession") [t](https://en.wikipedia.org/wiki/Template_talk:Great_Recession "Template talk:Great Recession") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Great_Recession "Special:EditPage/Template:Great Recession")[Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") \| \| \| \| By region \| [Africa](https://en.wikipedia.org/wiki/Great_Recession_in_Africa "Great Recession in Africa") [Americas](https://en.wikipedia.org/wiki/Great_Recession_in_the_Americas "Great Recession in the Americas") [United States](https://en.wikipedia.org/wiki/Great_Recession_in_the_United_States "Great Recession in the United States") [South America](https://en.wikipedia.org/wiki/Great_Recession_in_South_America "Great Recession in South America") [Asia](https://en.wikipedia.org/wiki/Great_Recession_in_Asia "Great Recession in Asia") [Europe](https://en.wikipedia.org/wiki/Great_Recession_in_Europe "Great Recession in Europe") [Iceland](https://en.wikipedia.org/wiki/2008%E2%80%932011_Icelandic_financial_crisis "2008–2011 Icelandic financial crisis") [Oceania](https://en.wikipedia.org/wiki/Great_Recession_in_Oceania "Great Recession in Oceania") \| \| \| United States-specific \| [Automotive industry crisis](https://en.wikipedia.org/wiki/Automotive_industry_crisis_of_2008%E2%80%932010 "Automotive industry crisis of 2008–2010") [California budget crisis](https://en.wikipedia.org/wiki/2008%E2%80%932012_California_budget_crisis "2008–2012 California budget crisis") [Housing bubble](https://en.wikipedia.org/wiki/United_States_housing_bubble "United States housing bubble") [Housing market correction](https://en.wikipedia.org/wiki/United_States_housing_market_correction "United States housing market correction") [Subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis") \| \| \| Banking losses and fraud \| [Libor scandal](https://en.wikipedia.org/wiki/Libor_scandal "Libor scandal") [Tom Hayes](https://en.wikipedia.org/wiki/Tom_Hayes_$trader$ "Tom Hayes (trader)") [Société Générale trading loss](https://en.wikipedia.org/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss "2008 Société Générale trading loss") [Icesave dispute](https://en.wikipedia.org/wiki/Icesave_dispute "Icesave dispute") [Forex scandal](https://en.wikipedia.org/wiki/Forex_scandal "Forex scandal") [Bernie Madoff](https://en.wikipedia.org/wiki/Bernie_Madoff "Bernie Madoff") [Tom Petters](https://en.wikipedia.org/wiki/Tom_Petters "Tom Petters") [Scott W. Rothstein](https://en.wikipedia.org/wiki/Scott_W._Rothstein "Scott W. Rothstein") [Allen Stanford](https://en.wikipedia.org/wiki/Allen_Stanford "Allen Stanford") \| \| \| Government entities \| [Consumer Financial Protection Bureau](https://en.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau "Consumer Financial Protection Bureau") [Federal Deposit Insurance Corporation](https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation "Federal Deposit Insurance Corporation") [Federal Home Loan Banks](https://en.wikipedia.org/wiki/Federal_Home_Loan_Banks "Federal Home Loan Banks") [Federal Housing Administration](https://en.wikipedia.org/wiki/Federal_Housing_Administration "Federal Housing Administration") [Federal Housing Finance Agency](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Agency "Federal Housing Finance Agency") [Federal Housing Finance Board](https://en.wikipedia.org/wiki/Federal_Housing_Finance_Board "Federal Housing Finance Board") [Federal Reserve System](https://en.wikipedia.org/wiki/Federal_Reserve_System "Federal Reserve System") [Government National Mortgage Association](https://en.wikipedia.org/wiki/Government_National_Mortgage_Association "Government National Mortgage Association") [National Asset Management Agency](https://en.wikipedia.org/wiki/National_Asset_Management_Agency "National Asset Management Agency") [Office of Federal Housing Enterprise Oversight](https://en.wikipedia.org/wiki/Office_of_Federal_Housing_Enterprise_Oversight "Office of Federal Housing Enterprise Oversight") [Office of Financial Stability](https://en.wikipedia.org/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability "Assistant Secretary of the Treasury for Financial Stability") [UK Financial Investments](https://en.wikipedia.org/wiki/UK_Financial_Investments "UK Financial Investments") \| \| \| Government policy and spending responses \| \| \| \| Banking and finance stability and reform \| \| \| \| \| \| \| \| Bank stress tests \| [EU](https://en.wikipedia.org/wiki/2010_European_Union_bank_stress_test "2010 European Union bank stress test") [U.S.](https://en.wikipedia.org/wiki/2009_Supervisory_Capital_Assessment_Program "2009 Supervisory Capital Assessment Program") \| \| \| Stimulus and recovery \| [2008 European Union stimulus plan](https://en.wikipedia.org/wiki/2008_European_Union_stimulus_plan "2008 European Union stimulus plan") [2008–2009 Keynesian resurgence](https://en.wikipedia.org/wiki/2008%E2%80%932009_Keynesian_resurgence "2008–2009 Keynesian resurgence") [American Recovery and Reinvestment Act of 2009](https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009 "American Recovery and Reinvestment Act of 2009") [Chinese economic stimulus program](https://en.wikipedia.org/wiki/Chinese_economic_stimulus_program "Chinese economic stimulus program") [Economic Stimulus Act of 2008](https://en.wikipedia.org/wiki/Economic_Stimulus_Act_of_2008 "Economic Stimulus Act of 2008") [Fraud Enforcement and Recovery Act of 2009](https://en.wikipedia.org/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009 "Fraud Enforcement and Recovery Act of 2009") [Green New Deal](https://en.wikipedia.org/wiki/Green_New_Deal "Green New Deal") [Housing and Economic Recovery Act of 2008](https://en.wikipedia.org/wiki/Housing_and_Economic_Recovery_Act_of_2008 "Housing and Economic Recovery Act of 2008") [National fiscal policy response to the Great Recession](https://en.wikipedia.org/wiki/National_fiscal_policy_response_to_the_Great_Recession "National fiscal policy response to the Great Recession") [Zero interest-rate policy](https://en.wikipedia.org/wiki/Zero_interest-rate_policy "Zero interest-rate policy") \| \| \| Government interventions, rescues, and acquisitions \| \| \| \| \| \| \| \| Non-banking \| [Chrysler](https://en.wikipedia.org/wiki/Chrysler "Chrysler") [General Motors](https://en.wikipedia.org/wiki/General_Motors "General Motors") \| \| \| Securities involved and financial markets \| [Auction rate securities](https://en.wikipedia.org/wiki/Auction_rate_security "Auction rate security") [Collateralized debt obligations](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation") [Collateralized mortgage obligations](https://en.wikipedia.org/wiki/Collateralized_mortgage_obligation "Collateralized mortgage obligation") [Credit default swaps](https://en.wikipedia.org/wiki/Credit_default_swap "Credit default swap") [Mortgage-backed securities](https://en.wikipedia.org/wiki/Mortgage-backed_security "Mortgage-backed security") [Secondary mortgage market](https://en.wikipedia.org/wiki/Secondary_mortgage_market "Secondary mortgage market") \| \| \| Social responses \| [Tea Party protests](https://en.wikipedia.org/wiki/Tea_Party_protests "Tea Party protests") (United States; c. 2009) [2009 May Day protests](https://en.wikipedia.org/wiki/2009_May_Day_protests "2009 May Day protests") (Europe, Middle East and North Africa, Asia; 2009) [Arab Spring](https://en.wikipedia.org/wiki/Arab_Spring "Arab Spring") (MENA; 2010–2012) [Occupy movement](https://en.wikipedia.org/wiki/Occupy_movement "Occupy movement") (worldwide; 2011–2012) [Occupy Wall Street](https://en.wikipedia.org/wiki/Occupy_Wall_Street "Occupy Wall Street") \| \| \| Related topics \| [2000s energy crisis](https://en.wikipedia.org/wiki/2000s_energy_crisis "2000s energy crisis") [2008 Central Asia energy crisis](https://en.wikipedia.org/wiki/2008_Central_Asia_energy_crisis "2008 Central Asia energy crisis") [Effects of the Great Recession on museums](https://en.wikipedia.org/wiki/Effects_of_the_Great_Recession_on_museums "Effects of the Great Recession on museums") [Decline of newspapers](https://en.wikipedia.org/wiki/Decline_of_newspapers "Decline of newspapers") [2007–2008 world food price crisis](https://en.wikipedia.org/wiki/2007%E2%80%932008_world_food_price_crisis "2007–2008 world food price crisis") [Retail apocalypse](https://en.wikipedia.org/wiki/Retail_apocalypse "Retail apocalypse") \| \| \| [Euro area crisis](https://en.wikipedia.org/wiki/Euro_area_crisis "Euro area crisis") [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") [List of countries by public debt](https://en.wikipedia.org/wiki/List_of_countries_by_public_debt "List of countries by public debt") \| \| \| \| [Authority control databases](https://en.wikipedia.org/wiki/Help:Authority_control "Help:Authority control") [![Edit this at Wikidata](https://upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png)](https://www.wikidata.org/wiki/Q813018#identifiers "Edit this at Wikidata") \| \| \|---\|---\| \| International \| [VIAF](https://viaf.org/viaf/147604903) \| \| National \| [United States](https://id.loc.gov/authorities/nr94015164) [Israel](https://www.nli.org.il/en/authorities/987007270778405171) \| \| Other \| [Yale LUX](https://lux.collections.yale.edu/view/group/3529dd1e-7894-4393-bf5e-9a1e4616e77b) \| ![](https://en.wikipedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=1) Retrieved from "<https://en.wikipedia.org/w/index.php?title=Bear_Stearns&oldid=1340136841>" [Categories](https://en.wikipedia.org/wiki/Help:Category "Help:Category"): - [Bear Stearns](https://en.wikipedia.org/wiki/Category:Bear_Stearns "Category:Bear Stearns") - [JPMorgan Chase](https://en.wikipedia.org/wiki/Category:JPMorgan_Chase "Category:JPMorgan Chase") - [Companies formerly listed on the New York Stock Exchange](https://en.wikipedia.org/wiki/Category:Companies_formerly_listed_on_the_New_York_Stock_Exchange "Category:Companies formerly listed on the New York Stock Exchange") - [1923 establishments in New York (state)](https://en.wikipedia.org/wiki/Category:1923_establishments_in_New_York_$state$ "Category:1923 establishments in New York (state)") - [2000s in economic history](https://en.wikipedia.org/wiki/Category:2000s_in_economic_history "Category:2000s in economic history") - [2008 mergers and acquisitions](https://en.wikipedia.org/wiki/Category:2008_mergers_and_acquisitions "Category:2008 mergers and acquisitions") - [2008 disestablishments in New York (state)](https://en.wikipedia.org/wiki/Category:2008_disestablishments_in_New_York_$state$ "Category:2008 disestablishments in New York (state)") - [American companies established in 1923](https://en.wikipedia.org/wiki/Category:American_companies_established_in_1923 "Category:American companies established in 1923") - [Financial services companies established in 1923](https://en.wikipedia.org/wiki/Category:Financial_services_companies_established_in_1923 "Category:Financial services companies established in 1923") - [Banks established in 1923](https://en.wikipedia.org/wiki/Category:Banks_established_in_1923 "Category:Banks established in 1923") - [Financial services companies disestablished in 2008](https://en.wikipedia.org/wiki/Category:Financial_services_companies_disestablished_in_2008 "Category:Financial services companies disestablished in 2008") - [Banks disestablished in 2008](https://en.wikipedia.org/wiki/Category:Banks_disestablished_in_2008 "Category:Banks disestablished in 2008") - [Companies based in New York City](https://en.wikipedia.org/wiki/Category:Companies_based_in_New_York_City "Category:Companies based in New York City") - [Former investment banks of the United States](https://en.wikipedia.org/wiki/Category:Former_investment_banks_of_the_United_States "Category:Former investment banks of the United States") - [Investment management companies of the United States](https://en.wikipedia.org/wiki/Category:Investment_management_companies_of_the_United_States "Category:Investment management companies of the United States") - [Great Recession in the United States](https://en.wikipedia.org/wiki/Category:Great_Recession_in_the_United_States "Category:Great 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Readable Markdown	From Wikipedia, the free encyclopedia \| \| \| \|---\|---\| \| [![](https://upload.wikimedia.org/wikipedia/commons/thumb/d/d3/Bear_Stearns_Logo.svg/250px-Bear_Stearns_Logo.svg.png)](https://en.wikipedia.org/wiki/File:Bear_Stearns_Logo.svg) \| \| \| Company type \| [Public](https://en.wikipedia.org/wiki/Public_company "Public company") \| \| [Traded as](https://en.wikipedia.org/wiki/Ticker_symbol "Ticker symbol") \| [NYSE](https://en.wikipedia.org/wiki/New_York_Stock_Exchange "New York Stock Exchange"): BSC \| \| Industry \| [Investment services](https://en.wikipedia.org/wiki/Investment "Investment") \| \| Founded \| May 1, 1923; 102 years ago \| \| Founders \| [Joseph Ainslie Bear](https://en.wikipedia.org/wiki/Joseph_Ainslie_Bear "Joseph Ainslie Bear") [Robert B. Stearns](https://en.wikipedia.org/wiki/Robert_B._Stearns "Robert B. Stearns") \| \| Defunct \| March 16, 2008; 18 years ago[\[1\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-1) \| \| Fate \| Went out of business as a result of the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession") Acquired by [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase") \| \| Successor \| JPMorgan Chase \| \| Headquarters \| [New York City](https://en.wikipedia.org/wiki/New_York_City "New York City"), New York, U.S. \| \| Key people \| [Alan Schwartz](https://en.wikipedia.org/wiki/Alan_Schwartz "Alan Schwartz") (former CEO) [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne") (former chairman and CEO) [David Robert Malpass](https://en.wikipedia.org/wiki/David_Robert_Malpass "David Robert Malpass") (chief economist for the last six years before its failure) \| \| Products \| [Financial services](https://en.wikipedia.org/wiki/Financial_services "Financial services") [Investment banking](https://en.wikipedia.org/wiki/Investment_banking "Investment banking") [Investment management](https://en.wikipedia.org/wiki/Investment_management "Investment management") \| The Bear Stearns Companies, Inc. was an American [investment bank](https://en.wikipedia.org/wiki/Investment_bank "Investment bank"), [securities](https://en.wikipedia.org/wiki/Security_$finance$ "Security (finance)") trading, and [brokerage firm](https://en.wikipedia.org/wiki/Brokerage_firm "Brokerage firm") that famously failed during the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the [Great Recession](https://en.wikipedia.org/wiki/Great_Recession "Great Recession"). After its closure, it was subsequently sold to [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase"). The company's main business areas before its failure were [capital markets](https://en.wikipedia.org/wiki/Capital_market "Capital market"), investment banking, [wealth management](https://en.wikipedia.org/wiki/Wealth_management "Wealth management"), and global [clearing](https://en.wikipedia.org/wiki/Clearing_$finance$ "Clearing (finance)") services, and it was heavily involved in the [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis"). In the years leading up to the failure, Bear Stearns was heavily involved in [securitization](https://en.wikipedia.org/wiki/Securitization "Securitization") and issued large amounts of [asset-backed securities](https://en.wikipedia.org/wiki/Asset-backed_security "Asset-backed security") which were, in the case of mortgages, pioneered by [Lewis Ranieri](https://en.wikipedia.org/wiki/Lewis_Ranieri "Lewis Ranieri"), "the father of mortgage securities."[\[2\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-2) As investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially to the mortgage-backed assets that were central to the [subprime mortgage crisis](https://en.wikipedia.org/wiki/Subprime_mortgage_crisis "Subprime mortgage crisis"). In March 2008, the [Federal Reserve Bank of New York](https://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York "Federal Reserve Bank of New York") provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for \$10 per share,[\[3\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-3) a price far below its pre-crisis 52-week high of \$133.20 per share, but not as low as the \$2 per share originally agreed upon.[\[4\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-4) The collapse of the company was a prelude to the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis") and the meltdown of the investment banking industry in the United States and elsewhere. In January 2010, JPMorgan ceased using the Bear Stearns name.[\[5\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-5) [![](https://upload.wikimedia.org/wikipedia/commons/thumb/3/3a/BearStearns.JPG/250px-BearStearns.JPG)](https://en.wikipedia.org/wiki/File:BearStearns.JPG) Bear Stearns' former offices at [383 Madison Avenue](https://en.wikipedia.org/wiki/383_Madison_Avenue "383 Madison Avenue") Bear Stearns was founded as an [equity trading](https://en.wikipedia.org/wiki/Equity_trading "Equity trading") house on May 1, 1923, by [Joseph Ainslie Bear](https://en.wikipedia.org/wiki/Joseph_Ainslie_Bear "Joseph Ainslie Bear"), [Robert B. Stearns](https://en.wikipedia.org/wiki/Robert_B._Stearns "Robert B. Stearns") and Harold C. Mayer with \$500,000 in capital (equivalent to \$9,448,242 in 2025). Internal tensions quickly arose among the three founders resulting in at least one public tussling. The firm survived the [Wall Street Crash of 1929](https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 "Wall Street Crash of 1929") without laying off any employees and by 1933 opened its first branch office in [Chicago](https://en.wikipedia.org/wiki/Chicago "Chicago"). In 1955 the firm opened its first international office in [Amsterdam](https://en.wikipedia.org/wiki/Amsterdam "Amsterdam").[\[6\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-better-6) In 1985, Bear Stearns became a publicly traded company.[\[6\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-better-6) It served corporations, institutions, governments, and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management, and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients and other professional traders, including [securities lending](https://en.wikipedia.org/wiki/Securities_lending "Securities lending").[\[7\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-BizHist-7) Bear Stearns' World Headquarters was located at [383 Madison Avenue](https://en.wikipedia.org/wiki/383_Madison_Avenue "383 Madison Avenue"), between East 46th Street and East 47th Street in [Manhattan](https://en.wikipedia.org/wiki/Manhattan "Manhattan"). By 2007, the company employed more than 15,500 people worldwide.[\[8\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-8) The firm was headquartered in New York City with offices in [Atlanta](https://en.wikipedia.org/wiki/Atlanta "Atlanta"), [Boston](https://en.wikipedia.org/wiki/Boston "Boston"), Chicago, [Dallas](https://en.wikipedia.org/wiki/Dallas "Dallas"), [Denver](https://en.wikipedia.org/wiki/Denver "Denver"), [Houston](https://en.wikipedia.org/wiki/Houston "Houston"), [Los Angeles](https://en.wikipedia.org/wiki/Los_Angeles "Los Angeles"), [Irvine](https://en.wikipedia.org/wiki/Irvine,_California "Irvine, California"), [San Francisco](https://en.wikipedia.org/wiki/San_Francisco "San Francisco"), [St. Louis](https://en.wikipedia.org/wiki/St._Louis "St. Louis"); [Whippany, New Jersey](https://en.wikipedia.org/wiki/Whippany,_New_Jersey "Whippany, New Jersey"); and [San Juan, Puerto Rico](https://en.wikipedia.org/wiki/San_Juan,_Puerto_Rico "San Juan, Puerto Rico"). Internationally the firm had offices in [London](https://en.wikipedia.org/wiki/London "London"), [Beijing](https://en.wikipedia.org/wiki/Beijing "Beijing"), [Dublin](https://en.wikipedia.org/wiki/Dublin "Dublin"), [Frankfurt](https://en.wikipedia.org/wiki/Frankfurt "Frankfurt"), [Hong Kong](https://en.wikipedia.org/wiki/Hong_Kong "Hong Kong"), [Lugano](https://en.wikipedia.org/wiki/Lugano "Lugano"), [Milan](https://en.wikipedia.org/wiki/Milan "Milan"), [São Paulo](https://en.wikipedia.org/wiki/S%C3%A3o_Paulo "São Paulo"), [Mumbai](https://en.wikipedia.org/wiki/Mumbai "Mumbai"), [Shanghai](https://en.wikipedia.org/wiki/Shanghai "Shanghai"), [Singapore](https://en.wikipedia.org/wiki/Singapore "Singapore") and [Tokyo](https://en.wikipedia.org/wiki/Tokyo "Tokyo"). In 2005–2007, Bear Stearns was recognized as the "Most Admired" securities firm in [Fortune](https://en.wikipedia.org/wiki/Fortune_$magazine$ "Fortune (magazine)")'s "America's Most Admired Companies" survey, and second overall in the securities firm section.[\[9\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-9) The annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this "top" distinction. ### Lead-up to the failure – increasing exposure to subprime mortgages \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=2 "Edit section: Lead-up to the failure – increasing exposure to subprime mortgages")\] By November 2006, the company had total capital of approximately \$66.7 billion and total assets of \$350.4 billion and according to the April 2005 issue of [Institutional Investor](https://en.wikipedia.org/wiki/Institutional_Investor_$magazine$ "Institutional Investor (magazine)") magazine, Bear Stearns was the seventh-largest securities firm in terms of total capital. A year later, Bear Stearns had [notional contract amounts](https://en.wikipedia.org/wiki/Notional_amount "Notional amount") of approximately \$13.40 trillion in [derivative](https://en.wikipedia.org/wiki/Derivative_$finance$ "Derivative (finance)") financial instruments, of which \$1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than \$28 billion in ['level 3'](https://en.wikipedia.org/wiki/Fair_price#Fair_Value_Measurements_$US_markets$:_Exposure_Draft "Fair price") assets on its books at the end of fiscal 2007 versus a net equity position of only \$11.1 billion. This \$11.1 billion supported \$395 billion in assets,[\[10\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-10) which means a [leverage ratio](https://en.wikipedia.org/wiki/Leverage_ratio "Leverage ratio") of 35.6 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of [counterparty](https://en.wikipedia.org/wiki/Counterparty "Counterparty") risk which would ensue from forced liquidation. ### Start of the crisis – two subprime mortgage funds fail \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=3 "Edit section: Start of the crisis – two subprime mortgage funds fail")\] On June 22, 2007, Bear Stearns pledged a collateralized loan of up to \$3.2 billion to "bail out" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just \$25 million, so they were hesitant about the bailout; nonetheless, CEO James Cayne and other senior executives worried about the damage to the company's reputation.[\[11\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-11)[\[12\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-12) The funds were invested in thinly traded [collateralized debt obligations](https://en.wikipedia.org/wiki/Collateralized_debt_obligation "Collateralized debt obligation") (CDOs). [Merrill Lynch](https://en.wikipedia.org/wiki/Merrill_Lynch "Merrill Lynch") seized \$850 million worth of the underlying collateral but only was able to auction \$100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.[\[13\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-13)[\[14\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-14) [Richard A. Marin](https://en.wikipedia.org/wiki/Richard_Marin_$investment_banker$ "Richard Marin (investment banker)"), a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former vice chairman of rival investment bank [Lehman Brothers](https://en.wikipedia.org/wiki/Lehman_Brothers "Lehman Brothers").[\[15\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-15) During the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages. On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of [Jake Zamansky](https://en.wikipedia.org/wiki/Jake_Zamansky_$lawyer$ "Jake Zamansky (lawyer)") & Associates and Rich & Intelisano both filed arbitration claims with the [National Association of Securities Dealers](https://en.wikipedia.org/wiki/National_Association_of_Securities_Dealers "National Association of Securities Dealers") alleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of the collapse of two hedge funds tied to subprime mortgages. A September 21 report in [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times") noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses.[\[16\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-16) With Samuel Molinaro's November 15th revelation that Bear Stearns was writing down a further \$1.2 billion in mortgage-related securities and would face its first loss in 83 years, [Standard & Poor's](https://en.wikipedia.org/wiki/Standard_%26_Poor%27s "Standard & Poor's") downgraded the company's [credit rating](https://en.wikipedia.org/wiki/Credit_rating "Credit rating") from AA to A.[\[17\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-17) Matthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns, were arrested June 19, 2008.[\[18\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-18) They faced criminal charges and were found not guilty of misleading investors about the risks involved in the subprime market. Tannin and Cioffi were also named in lawsuits brought by [Barclays Bank](https://en.wikipedia.org/wiki/Barclays_Bank "Barclays Bank"), which claimed they were one of the many investors misled by the executives.[\[19\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-19)[\[20\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-20) They were also named in civil lawsuits brought in 2007 by investors, including Barclays, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns [High-Grade Structured Credit Strategies Enhanced Leverage Master Fund](https://en.wikipedia.org/wiki/High-Grade_Structured_Credit_Strategies_Enhanced_Leverage_Master_Fund "High-Grade Structured Credit Strategies Enhanced Leverage Master Fund") were worth much less than their professed values. The suit claimed that Bear Stearns managers devised "a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments". The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007—when "in reality, the portfolio's asset values were plummeting."[\[21\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-ap_61908-21) ### Fed bailout and sale to JPMorgan Chase \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=4 "Edit section: Fed bailout and sale to JPMorgan Chase")\] On March 14, 2008, the Federal Reserve Bank of New York ("FRBNY") agreed to provide a \$25 billion loan to Bear Stearns collateralized by unencumbered assets from Bear Stearns in order to provide Bear Stearns the liquidity for up to 28 days that the market was refusing to provide. Shortly thereafter, FRBNY had a change of heart and told Bear Stearns that the 28-day loan was unavailable to them.[\[22\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-22) The deal was then changed to where FRBNY would create a company (what would become [Maiden Lane LLC](https://en.wikipedia.org/wiki/Maiden_Lane_Transactions "Maiden Lane Transactions")) to buy \$30 billion worth of Bear Stearns' assets, and Bear Stearns would be purchased by JPMorgan Chase in a [stock swap](https://en.wikipedia.org/wiki/Stock_swap "Stock swap") worth \$2 a share, or less than 7 percent of Bear Stearns' market value just two days before.[\[23\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-bloomberg.com-23) This sale price represented a staggering loss as its stock had traded at \$172 a share as late as January 2007, and \$93 a share as late as February 2008. Eventually, after renegotiating the purchase of Bear Stearns, Maiden Lane LLC was funded by a \$29 billion first priority loan from FRBNY and a \$1 billion subordinated loan from JPMorgan Chase, without further recourse to JPMorgan Chase.[\[24\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-24) The structure of the transaction, with both loans collateralized by securitized home mortgages[\[25\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-seekingalpha.com-25) and with the JPMorgan Chase loan bearing losses before the FRBNY loan, meant that FRBNY could not seize or otherwise encumber JPMorgan Chase's assets if the underlying collateral became insufficient to repay the FRBNY loan.[\[25\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-seekingalpha.com-25)[\[26\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-26) Federal Reserve Chairman [Ben Bernanke](https://en.wikipedia.org/wiki/Ben_Bernanke "Ben Bernanke") defended the bailout by stating that a bankruptcy of Bear Stearns would have affected the [real economy](https://en.wikipedia.org/wiki/Real_economy "Real economy") and could have caused a "chaotic unwinding" of investments across US markets.[\[23\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-bloomberg.com-23)[\[27\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-27) On March 20, [SEC](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") Chairman [Christopher Cox](https://en.wikipedia.org/wiki/Christopher_Cox "Christopher Cox") said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns' problems escalated when rumors spread about its [liquidity crisis](https://en.wikipedia.org/wiki/Liquidity_crisis "Liquidity crisis") which in turn eroded investor confidence in the firm. "Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns", said Cox. Bear Stearns' liquidity pool started at \$18.1 billion on March 10 and then plummeted to \$2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.[\[28\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-28) On March 24, 2008, a [class action](https://en.wikipedia.org/wiki/Class_action "Class action") suit was filed on behalf of shareholders, challenging the terms of JPMorgan's acquisition of Bear Stearns.[\[29\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-29) That same day, a new agreement was reached that raised JPMorgan Chase's offer to \$10 a share, up from the initial \$2 offer, which meant an offer of \$1.2 billion.[\[30\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-30) The revised deal was aimed to quiet upset investors and was necessitated by what was characterized as a loophole in a guarantee that was open-ended, despite the fact that the deal required shareholder approval.[\[31\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-31) While it was not clear if JPMorgan's lawyers, [Wachtell, Lipton, Rosen & Katz](https://en.wikipedia.org/wiki/Wachtell,_Lipton,_Rosen_%26_Katz "Wachtell, Lipton, Rosen & Katz"), were to blame for the mistake in the hastily written contract, JPMorgan's CEO, [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon"), was described as being "apoplectic" about the mistake.[\[32\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-32) The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On April 8, 2008, former Fed chairman [Paul Volcker](https://en.wikipedia.org/wiki/Paul_Volcker "Paul Volcker") stated that the Fed had taken actions that "extend to the very edge of its lawful and implied powers." See his remarks at a luncheon of the Economic Club of New York.[\[33\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-33) On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the \$10-per-share price.[\[34\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-34) An article by journalist [Matt Taibbi](https://en.wikipedia.org/wiki/Matt_Taibbi "Matt Taibbi") for [Rolling Stone](https://en.wikipedia.org/wiki/Rolling_Stone "Rolling Stone") contended that [naked short selling](https://en.wikipedia.org/wiki/Naked_short_selling "Naked short selling") had a role in the demise of both Bear Stearns and Lehman Brothers.[\[35\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-Taibbi-35) A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Bear Stearns and Lehman Brothers, and found "no evidence that stock price declines were caused by naked short selling."[\[36\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-36) [Time](https://en.wikipedia.org/wiki/Time_$magazine$ "Time (magazine)") magazine also labelled former Bear Sterns head [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne") as the CEO most responsible out of all the CEOs who "screwed up Wall Street" during the [2008 financial crisis](https://en.wikipedia.org/wiki/2008_financial_crisis "2008 financial crisis"), even reporting that "none seemed more asleep at the switch than Bear Stearns' Cayne."[\[37\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-cayne2009-37) ## Structure prior to collapse \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=5 "Edit section: Structure prior to collapse")\] ### Managing partners/chief executive officers \[[edit](https://en.wikipedia.org/w/index.php?title=Bear_Stearns&action=edit&section=6 "Edit section: Managing partners/chief executive officers")\] - [Salim L. Lewis](https://en.wikipedia.org/wiki/Salim_L._Lewis "Salim L. Lewis"): 1949–1978 - [Alan C. Greenberg](https://en.wikipedia.org/wiki/Alan_C._Greenberg "Alan C. Greenberg"): 1978–1993 - [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne"): 1993–2008 - [Alan Schwartz](https://en.wikipedia.org/wiki/Alan_Schwartz "Alan Schwartz"): 2008 The largest Bear Stearns shareholders as of December 2007 were:[\[38\]](https://en.wikipedia.org/wiki/Bear_Stearns#cite_note-38) - Barrow Hanley Mewhinney & Strauss – 9.73% - [Joseph C. Lewis](https://en.wikipedia.org/wiki/Joe_Lewis_$British_businessman$ "Joe Lewis (British businessman)") – 9.36% - [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") – 5.37% - [James Cayne](https://en.wikipedia.org/wiki/James_Cayne "James Cayne") – 4.94% - [Legg Mason Capital Management](https://en.wikipedia.org/wiki/Legg_Mason "Legg Mason") – 4.84% - Private Capital Management – 4.49% - [Barclays Global Investors](https://en.wikipedia.org/wiki/Barclays_Global_Investors "Barclays Global Investors") – 3.10% - [State Street Global Advisors](https://en.wikipedia.org/wiki/State_Street_Global_Advisors "State Street Global Advisors") – 3.01% - [The Vanguard Group](https://en.wikipedia.org/wiki/The_Vanguard_Group "The Vanguard Group") – 2.67% - [Janus Capital Management](https://en.wikipedia.org/wiki/Janus_Capital_Group "Janus Capital Group") – 2.34% - [Bankruptcy of Lehman Brothers](https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers "Bankruptcy of Lehman Brothers") - [Irving Place Capital](https://en.wikipedia.org/wiki/Irving_Place_Capital "Irving Place Capital") - [Primary dealer](https://en.wikipedia.org/wiki/Primary_dealer "Primary dealer") 1. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-1) ["Bear Stearns collapses, sold to J.P. Morgan Chase"](https://www.history.com/this-day-in-history/bear-stearns-sold-to-j-p-morgan-chase). History.com. A\&E Television Networks. January 19, 2018. Retrieved June 28, 2023. 2. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-2) Lowenstein, Roger The End of Wall Street, Penguin Press 2010, pp.xvii,22 [ISBN](https://en.wikipedia.org/wiki/ISBN_$identifier$ "ISBN (identifier)") [978-1-59420-239-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-59420-239-1 "Special:BookSources/978-1-59420-239-1") 3. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-3) Sorkin, Andrew Ross (March 24, 2008). ["JPMorgan Raises Bid for Bear Stearns to \$10 a Share"](https://archive.nytimes.com/www.nytimes.com/2008/03/24/business/24deal-web.html). [The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times"). 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[Archived](https://web.archive.org/web/20150924125334/http://www.reuters.com/article/2007/11/28/us-bearstearns-jobs-idUSN2861070720071128) from the original on September 24, 2015. Retrieved June 30, 2017. 9. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-9) ["America's Most Admired Companies 2007 Fortune"](https://money.cnn.com/magazines/fortune/mostadmired/2007/industries/industry_52.html). CNN. Retrieved August 23, 2011. 10. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-10) Boyd, Roddy (March 31, 2008). ["The last days of Bear Stearns"](https://web.archive.org/web/20080919002944/https://money.cnn.com/2008/03/28/magazines/fortune/boyd_bear.fortune/). [Fortune](https://en.wikipedia.org/wiki/Fortune_$magazine$ "Fortune (magazine)"). Archived from [the original](https://money.cnn.com/2008/03/28/magazines/fortune/boyd_bear.fortune/) on September 19, 2008. Retrieved on September 30, 2008. 11. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-11) Burrough, Bryan. ["Bringing Down Bear Stearns"](http://www.vanityfair.com/politics/features/2008/08/bear_stearns200808). [Vanity Fair](https://en.wikipedia.org/wiki/Vanity_Fair_$magazine$ "Vanity Fair (magazine)"). Retrieved June 19, 2013. 12. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-12) Creswell, Julie; Bajaj, Vikas (June 23, 2007), ["\$3.2 Billion Move by Bear Stearns to Rescue Fund"](https://archive.nytimes.com/www.nytimes.com/2007/06/23/business/23bond.html), The New York Times, retrieved February 15, 2025 13. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-13) Siew, Walden; Yoon, Al (June 21, 2007), ["Bear Stearns CDO liquidation sparks contagion fears"](https://www.reuters.com/article/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622), Reuters, [archived](https://web.archive.org/web/20141006171930/http://www.reuters.com/article/2007/06/22/businesspro-usa-credit-bearstearns-cdo-d-idUSN2136425520070622) from the original on October 6, 2014, retrieved June 30, 2017 14. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-14) Pittman, Mark (June 21, 2007). ["Bear Stearns Fund Collapse Sends Shock Through CDOs"](https://web.archive.org/web/20070930041720/https://www.bloomberg.com/apps/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home). Bloomberg News. Archived from [the original](https://www.bloomberg.com/apps/news?pid=20601087&sid=a7LCp2Acv2aw&refer=home) on September 30, 2007. Retrieved February 15, 2025. 15. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-15) Bajaj, Vikas (June 30, 2007), ["Bear Stearns Shakes Up Funds Unit"](https://archive.nytimes.com/www.nytimes.com/2007/06/30/business/30bear.html), The New York Times, retrieved February 15, 2025 16. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-16) Grynbaum, Michael M. (September 21, 2007), ["Bear Stearns Profit Plunges 61% on Subprime Woes"](https://archive.nytimes.com/www.nytimes.com/2007/09/21/business/20cnd-wall.html), The New York Times, retrieved February 15, 2025 17. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-17) Basar, Shanny; Ahuja, Vivek (November 15, 2007), ["Bear downgraded in face of first loss in 83 years"](http://www.efinancialnews.com/investmentbanking/content/2449185055/20755/), Financial News Online, retrieved April 16, 2008 18. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-18) ["Behind the Scenes of Bear's Fund Meltdown"](https://archive.nytimes.com/dealbook.nytimes.com/2008/06/19/behind-the-scenes-of-bears-fund-implosion/). DealBook. The New York Times. June 19, 2008. Retrieved February 15, 2025. 19. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-19) Thomas, Landon Jr. (June 20, 2008). ["Prosecutors Build Bear Stearns Case on E-Mails"](https://archive.nytimes.com/www.nytimes.com/2008/06/20/business/20bear.html). The New York Times. Retrieved February 15, 2025. 20. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-20) Hays, Tom (June 19, 2008). ["2 charged on Wall Street in mortgage meltdown"](https://web.archive.org/web/20080620125236/http://news.yahoo.com/s/ap/20080619/ap_on_bi_ge/bear_stearns_investigation). Associated Press. Archived from [the original](https://news.yahoo.com/s/ap/20080619/ap_on_bi_ge/bear_stearns_investigation) on June 20, 2008. Retrieved February 15, 2025. 21. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-ap_61908_21-0) Hays, Tom. ["Ex-Bear Stearns managers arrested at their homes"](https://web.archive.org/web/20080619141549/http://hosted.ap.org/dynamic/stories/B/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT). Archived from [the original](http://hosted.ap.org/dynamic/stories/B/BEAR_STEARNS_INVESTIGATION?SITE=WBZAM&SECTION=HOME&TEMPLATE=DEFAULT) on June 19, 2008. Retrieved February 15, 2025. 22. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-22) [Frontline: Inside the Meltdown – You Have a Weekend to Save Yourself](https://www.pbs.org/wgbh/pages/frontline/video/flv/generic.html?s=frol02s1f81q752) Retrieved February 26, 2009 23. ^ [*a](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-bloomberg.com_23-0) [b](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-bloomberg.com_23-1) Onaran, Yalman (April 2, 2008). ["Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says"](https://web.archive.org/web/20120418172124/http://www.bloomberg.com/apps/news?pid=newsarchive&refer=worldwide&sid=a7coicThgaEE). Bloomberg News. Archived from [the original](https://www.bloomberg.com/apps/news?pid=20601087&refer=worldwide&sid=a7coicThgaEE) on April 18, 2012. Retrieved February 15, 2025. 24. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-24)* ["JPMorgan Chase and Bear Stearns Announce Amended Agreement"](https://web.archive.org/web/20080326180008/http://www.jpmorgan.com/cm/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template). JPMorgan Chase & Co. March 24, 2008. Archived from [the original](http://www.jpmorgan.com/cm/Satellite?c=JPM_Content_C&cid=1159339104093&pagename=JPM_redesign%2FJPM_Content_C%2FGeneric_Detail_Page_Template) on March 26, 2008. 25. ^ [*a](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-seekingalpha.com_25-0) [b](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-seekingalpha.com_25-1) ["Bear Stearns Bondholders Win Big"](https://seekingalpha.com/article/70098-bear-stearns-bondholders-win-big). Seeking Alpha. March 27, 2008. Retrieved June 19, 2013. 26. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-26)* ["Weekly Market Comment: Why is Bear Stearns Trading at \$6 Instead of \$2"](http://hussmanfunds.com/wmc/wmc080324.htm). Hussman Funds. March 24, 2008. Retrieved June 19, 2013. 27. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-27) ["Bernanke Defends Bear Stearns Bailout"](https://www.cbsnews.com/news/bernanke-defends-bear-stearns-bailout/). CBS News. April 3, 2008. 28. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-28) [Chairman Cox Letter To Basel Committee In Support Of New Guidance On Liquidity Management](https://www.sec.gov/news/press/2008/2008-48_letter.pdf) (PDF), March 20, 2008, retrieved April 16, 2008 29. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-29) [C\&T Files Complaint and Temporary Restraining Order Challenging Bear Stearns Buyout by JPMorgan](https://web.archive.org/web/20080513013022/http://www.chimicles.com/bearstearns/), March 24, 2008, archived from [the original](http://www.chimicles.com/bearstearns/) on May 13, 2008, retrieved April 16, 2008 30. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-30) Thomas, Landon Jr; Dash, Eric (March 25, 2008). ["Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid"](https://archive.nytimes.com/www.nytimes.com/2008/03/25/business/25bear.html). The New York Times. Retrieved February 15, 2025. 31. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-31) Carney, John (January 14, 2019) \[Mar 24, 2008\]. ["Did JP Morgan Understand The Bear Stearns Guarantee?"](https://dealbreaker.com/2008/03/did-jp-morgan-understand-the-bear-stearns-guarantee). Dealbreaker. Retrieved September 22, 2019. `{{cite web}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")) 32. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-32) Adams, Ken (March 24, 2008). ["Drafting Errors in the Bear Stearns Merger Agreement? What a Shock!"](https://www.adamsdrafting.com/drafting-errors-bear-stearns/). Adams on Contract Drafting. Retrieved September 23, 2019. 33. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-33) Niall Ferguson: The Ascent of Money: A Financial History of The World, Chapter 6: From Empire to Chimerica; Chimerica, p. 338 34. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-34) White, Ben (May 29, 2008), ["Bear Stearns passes into Wall Street history"](https://www.ft.com/content/d42c01d2-2d8d-11dd-b92a-000077b07658), [Financial Times](https://en.wikipedia.org/wiki/Financial_Times "Financial Times") 35. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-Taibbi_35-0) [Taibbi, Matt](https://en.wikipedia.org/wiki/Matt_Taibbi "Matt Taibbi") (October 2009). ["Wall Street's Naked Swindle"](https://www.rollingstone.com/politics/news/wall-streets-naked-swindle-20100405). Rolling Stone. Retrieved October 15, 2009. 36. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-36) [Naked Short Selling: The Emperor's New Clothes?](http://www.cfr-cologne.de/download/workingpaper/cfr-09-09.pdf) Centre for Financial Research, May 22, 2009. 37. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-cayne2009_37-0) ["25 People to Blame for the Financial Crisis"](https://web.archive.org/web/20170819114637/http://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877327,00.html). [Time](https://en.wikipedia.org/wiki/Time_$magazine$ "Time (magazine)"). February 11, 2009. Archived from the original on August 19, 2017. Retrieved December 28, 2021. 38. [^](https://en.wikipedia.org/wiki/Bear_Stearns#cite_ref-38) Wright, William (March 17, 2008). ["Employees lose \$5bn on Bear Stearns"](http://www.efinancialnews.com/assetmanagement/pensionfunds/content/2450071941). Financial News. Retrieved on September 30, 2008. - William Cohan, [House of Cards: A Tale of Hubris and Wretched Excess on Wall Street](https://en.wikipedia.org/wiki/House_of_Cards_$Cohan_book$ "House of Cards (Cohan book)"), 2010. - [Official site](https://web.archive.org/web/20080312203351/http://www.bearstearns.com/) at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") (archived March 12, 2008) - [Frontline: Inside the Meltdown Analysis—The Bear Stearns Rescue](https://www.pbs.org/wgbh/pages/frontline/meltdown/themes/bear.html) - [The New York Times Timeline of Bear Stearns' history](https://archive.nytimes.com/www.nytimes.com/imagepages/2008/03/17/business/20080317_BEAR_STEARNS_GRAPHIC.html)
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