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Keyword: bearstearns

Brevity: Headers | « Text »
  • The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare (Fake Story)

    11/08/2014 9:50:08 AM PST · by Bigun · 14 replies
    Rolling Stone ^ | November 6, 2014 | Matt Taibbi
    Meet the woman JPMorgan Chase paid one of the largest fines in American history to keep from talking By Matt Taibbi | November 6, 2014 "It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'" Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing. Back in 2006, as a...
  • (UK) Our Government must stop abandoning our companies to American wolves

    11/08/2013 11:03:12 PM PST · by Olog-hai · 3 replies
    Daily Telegraph (UK) ^ | 7:35PM GMT 31 Oct 2013 | Katherine Rushton
    Over the past few years, British businesses operating in America have learned the hard way exactly how brutal the US can be when things go wrong. British banks have had to pay billions of dollars in fines to settle investigations by US regulators, ranging from allegations that Barclays rigged LIBOR to claims that Standard Chartered breached US sanctions against Iran. … The US Department of Justice has hardly given JP Morgan an easy ride of late. Last week, America’s biggest bank was fined $5.1 billion, most of which related to wrongdoing at Bear Stearns and Washington Mutual, companies JP Morgan...
  • There Was Nothing 'Financial' About the 2008 Crisis

    09/11/2013 7:28:35 AM PDT · by Nachum · 3 replies
    Real Clear Markets ^ | 9/11/13 | John Tamny
    "'Your No. 1 client is the government,' John J. Mack, Morgan Stanley's chairman and chief executive from 2005 to 2009, told current CEO James Gorman in a recent phone call. Mr. Gorman, who was visiting Washington that day, agreed." - Wall Street Journal, September 10, 2013. The five year anniversary of the ‘financial crisis' has predictably generated all manner of commentary about its presumed causes. What's most unfortunate five years later is that ‘financial' and ‘crisis' are still used together. It's unfortunate simply because despite what you read, the crisis was decidedly not financial, nor was it caused by a...
  • Rajaratnam Surfaced in U.S. Terrorism Probe [Funded DNC, 0, and Hillary!]

    10/17/2009 8:11:30 PM PDT · by Steelfish · 17 replies · 1,516+ views
    Wall St. Journal ^ | October 17th 2009
    OCTOBER 17, 2009 Rajaratnam Surfaced in U.S. Terrorism Probe By EVAN PEREZ and MATTHEW ROSENBERG WASHINGTON—The hedge-fund billionaire charged as part of a vast insider-trading case surfaced in an earlier, separate probe into U.S. fundraising by a Sri Lankan terrorist group, people familiar with the probe said. As part of that investigation, federal agents said they uncovered documents showing that Raj Rajaratnam, founder of the Galleon Group, was among several wealthy Sri Lankans in the U.S. whose donations to a Maryland-based charity made their way to the Liberation Tigers of Tamil Eelam, according to people familiar with the probe. Raj...
  • Is Anything Real? Trillions in Secret Fed Payments Revealed

    12/02/2010 4:08:11 PM PST · by Nachum · 45 replies
    RushLimbaugh.com ^ | 12/2/10 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Let's go back, audio sound bite-wise, to me on my program, this program. This is March 12th of this year... RUSH ARCHIVE: The TARP money was not used for its original purpose. There's something else out there, Jordan, you need to know. The Federal Reserve, before the TARP bailout, made loans totaling $2 trillion and they will not tell us to whom. We don't know who got the money. Whether the Fed loans it or the government prints it, it's our money. So you can talk about the $700 billion TARP. You can talk about the $787...
  • The Terrible Lie that is Destroying America

    05/06/2010 9:44:15 AM PDT · by Comrade Brother Abu Bubba · 6 replies · 696+ views
    www.thedailycrux.com ^ | May 6, 2010 | Porter Stansberry
    THE TERRIBLE LIE THAT IS DESTROYING AMERICA by Porter Stansberry Jimmy Cayne is a truly despicable liar. You might not be familiar with his name, but Cayne was, until late 2007, a titan of Wall Street. He was the CEO and chairman of Bear Stearns. For a long time, he was also the single-richest banker in history. Over his long career, he amassed more than $1 billion in compensation from Bear, mostly in the form of stock. Today, Cayne testified before Congress that the collapse of Bear Stearns wasn't his fault. In fact, if you believe Cayne, the collapse of...
  • Former Bear Stearns Execs Not Guilty

    11/10/2009 1:45:24 PM PST · by khnyny · 15 replies · 3,345+ views
    CNN.Money.com ^ | November 10, 2009 | David Goldman
    NEW YORK (CNNMoney.com) -- Two former Bear Stearns hedge fund managers were found not guilty on all charges on Tuesday in the first major criminal trial stemming from the housing and financial meltdown. A jury in U.S. District Court in Brooklyn, N.Y., acquitted Ralph Cioffi and Matthew Tannin. Both had worked as hedge fund managers at Bear Stearns, which went bankrupt in March 2008. Federal prosecutors had accused Cioffi and Tannin of falsely inflating the value of their portfolios, even as they knew that the mortgage-backed assets in the funds were at risk of collapse.
  • 2 ex-Bear Stearns hedge-fund managers acquitted

    11/10/2009 1:28:08 PM PST · by NormsRevenge · 5 replies · 358+ views
    AP on Yahoo ^ | 11/10/09 | Tom Hays - ap
    NEW YORK – Two Bear Stearns executives who ran hedge funds that crashed in 2007 amid the subprime mortgage meltdown were acquitted Tuesday of lying to investors about the looming crisis on Wall Street. Jurors found Ralph Cioffi and Matthew Tannin not guilty of conspiracy and other charges in an alleged fraud that cost 300 investors about $1.6 billion and nearly caused the demise of Bear Stearns itself. The firm barely avoided bankruptcy in a rescue buyout by JPMorgan Chase & Co. The jury began deliberating on Monday. Both men had been charged with three counts of securities fraud and...
  • The Race to Save Lehman Brothers ("Too Big to Fail")

    10/21/2009 12:31:38 AM PDT · by CutePuppy · 3 replies · 566+ views
    CNBC / NYTimes ^ | October 20, 2009 | Andrew Ross Sorkin
    In the summer of 2008, two months before Lehman Brothers filed for bankruptcy, Richard S. Fuld Jr., the firm's chairman, was continuing his desperate efforts to find a lifeline. They had begun in March, shortly after the demise of Bear Stearns, when Mr. Fuld called the legendary investor Warren E. Buffett seeking a capital infusion, to no avail. Lehman had raised money elsewhere, but that didn't help for long, and its condition again was worsening.Adapted from "Too Big to Fail: How Wall Street and Washington Fought to Save the Financial System — And Themselves." The book, being published Tuesday by...
  • Wall Street's Naked Swindle

    10/17/2009 6:09:52 AM PDT · by Wolfie · 134 replies · 5,004+ views
    Rolling Stone ^ | Oct. 14, 2009 | Matt Taibbi
    <p>On Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst.</p>
  • Who's Too Big to Fail? [Federal Reserve, FDIC rebuffing more FOIA requests]

    09/13/2009 11:46:27 PM PDT · by rabscuttle385 · 13 replies · 1,184+ views
    Regulators today won't define 'systemic risk,' unlike 25 years ago. With Congress back in session and the anniversary of the Lehman Brothers failure upon us, the Obama Administration is resuming its quest for greatly expanded authority to bail out American businesses. Under the Treasury reform blueprint, any financial company, whether a regulated bank or not, could be rescued or seized by the Federal Deposit Insurance Corporation if regulators believe it poses a systemic risk. If recent history is any guide, when the feds stage their next intervention, they will not define "systemic risk" and they will refuse to release the...
  • A World Without TARP: A Thought Experiment II

    07/12/2009 7:59:26 AM PDT · by fiscon1 · 2 replies · 202+ views
    The Provocateur ^ | 07/12/2009 | Mike Volpe
    Most people think we started stimuli and bailouts back in September with TARP. I go back even further. I go back to May of last year when the government bailed out Bear Stearns. Bear Stearns was days away from filing for bankruptcy when the Federal Reserve, in one weekend, stepped in and brokered a deal in which JP Morgan Chase would buy them out. Such a deal would normally take months to work out. Yet, this was worked out all in one weekend. You could say, as Michael Corleone would say, the Federal Reserve gave each an offer they couldn't...
  • Fed report shows losses on Bear Stearns, AIG holdings

    06/10/2009 12:34:46 PM PDT · by BGHater · 2 replies · 209+ views
    Reuters ^ | 10 June 2009 | Mark Felsenthal
    The U.S. Federal Reserve drew back the curtain on its emergency repairs to the financial system on Wednesday, showing $5.3 billion in losses on assets taken over from firms it bailed out in 2008. In a report on its $2.1 trillion balance sheet, the Fed also said it earned $1.2 billion from loan programs and $4.6 billion in interest on its holdings of Treasury and other securities in the first three months of the year. The Fed is making more information available about its finances, and its rescues of investment bank Bear Stearns and insurer American International Group (AIG.N) in...
  • Inside the Fall of Bear Stearns

    05/20/2009 6:59:17 PM PDT · by CutePuppy · 6 replies · 810+ views
    Wall Street Journal (public) ^ | May 9, 2009 | Kate Kelly
    In 72 nail-biting hours, an investment bank turned from healthy to nearly insolvent Bear Stearns Cos., the 85-year-old Wall Street firm known for its tough trading culture, was rescued from impending bankruptcy by a deal with J.P. Morgan Chase & Co. on March 16, 2008 -- making Bear the first major casualty of the financial crisis. The firm spiraled from being healthy to practically insolvent in about 72 hours. The meltdown began in earnest the evening of Thursday, March 13, 2008, when Bear executives made a shocking discovery: They were nearly out of cash. Faced with a slew of withdrawals...
  • Anyone get a check from Bear Stearns unexpectedly recently? (Vanity)

    05/19/2009 8:32:32 AM PDT · by library user · 20 replies · 1,989+ views
    May 19, 2009
    Sorry for the vanity, but received an unexpected check in the mail from "Bear Stearns Distribution Fund" today. The check and the letter are dated May 15, 2009. Has anyone heard of this? They set up a web site at http://www.bearstearnsfairfundsettlement.com/ - just trying to make sense of it all, since the fund they mention (Credit Suisse Japan Equity Fund) is something I am not aware of, let alone ever purchased any shares of. With the check is a letter which states "CAUTION: Before you deposit or otherwise negotiate this check, it is very important that you understand the tax...
  • The fall of Bear Stearns !

    03/07/2009 1:20:39 PM PST · by unclebankster · 3 replies · 409+ views
    the economist ^ | march 5 2009 | The Economist
    The fall of Bear Stearns Bearing all Mar 5th 2009 From The Economist print edition A new book analyses how the near-collapse of Bear Stearns, exactly a year ago, marked the moment when Wall Street was knocked to its senses THE bankruptcy of Lehman Brothers in September 2008 will probably go down as the single most spectacular event in the humbling of Wall Street. But it was the near-collapse of Bear Stearns, six months earlier, that first exposed the fragility of America’s seemingly mighty investment banks, perched atop mountains of debt and dangerously reliant on short-term funding. And it was...
  • What Is the Stock Market Telling Us?

    02/18/2009 4:55:21 AM PST · by PurpleMountains · 41 replies · 911+ views
    From Sea to Shining Sea ^ | 2/18/09 | Purple Mountains
    The stock market, as measured by the Dow Jones average, has dropped about 3500 points since Obama pulled ahead in the polls last October, and today, it dropped another 300 points as Obama signed his pork-stimulus bill. Investors, in dealing with their own money, are giving a clear message: this is about the most stupid thing we could be doing at this time, and the history of the period from 1932 to 1942 proves it. It was the collapse of the monumental bubble in the housing market combined with an accompanying period when gasoline was selling for $4.00 per gallon...
  • Cloward-Piven Socialism and the destruction of America (Vanity)

    02/05/2009 10:14:35 AM PST · by Danae · 15 replies · 1,202+ views
    Free Republic | 2/5/2009 | Danae
    We have all been had. It seems that so many people I have talked to don't understand the enormity of what has been done, and what congress is trying to do to us now, that I decided to sit down and write it all out. How did we get here? 1) in 1977 the Community Reinvestment bill passes a democrat Congress and is signed by Jimmah Caaaaartar. This opened federal dollars to organizations like ACORN. 2) ACORN is the brainchild of a couple of very evil people named Cloward and his wife Piven. They stated that the best way to...
  • Who Is To Blame?

    12/12/2008 3:39:13 PM PST · by CE2949BB · 10 replies · 783+ views
    Newsweek ^ | Dec 10, 2008 | Barrett Sheridan
    It's not easy being Alan Greenspan these days. As the former Federal Reserve chairman, he urged government regulators to take a light touch while banks like Bear Stearns and Lehman Brothers buried themselves—and the economy more generally—under a mountain of debt. Now that his reputation is plummeting faster than the stock market, he's been forced to admit a "flaw" in his hands-off ideology. Of course, things look entirely different to members of "free-market advocacy groups," as they like to be called. One such group is the Ayn Rand Institute, named after the matriarch of the movement, whose antigovernment and anti-regulation...
  • Report Says SEC Failed in Oversight of Bear Stearns

    09/28/2008 4:05:10 PM PDT · by Shermy · 36 replies · 580+ views
    Washington Post ^ | September 27, 2008
    The Securities and Exchange Commission failed in its oversight of investment bank Bear Stearns, ignoring that the company took excessive risks with mortgage-related securities before its demise, according to a report released yesterday by the agency's inspector general. In a review of the agency's supervision of investment banks, inspector general David Kotz said that the SEC had identified "numerous, potential red flags prior to Bear Stearns' collapse . . . but did not take action to limit these risk factors." J.P. Morgan Chase bought Bear Stearns last March after initial emergency funding to keep it operating failed. SEC Chairman Christopher...
  • Caught in the Cobweb

    09/17/2008 7:12:19 AM PDT · by The_Tick_01 · 76+ views
    The New Media Journal ^ | 9-17-2008 | Tony Rubolotta
    I have written here before that government interference in the economy delays the inexorable forces of economic laws, which in turn magnifies the corrections that must inevitably take place. More government regulation was not going to save Lehman Brothers from bankruptcy. It may have delayed bankruptcy, but reality would still triumph in the end to produce an even greater disaster. A government doing everything it can to forestall and conceal the most catastrophic pending collapse in economic history should not be trusted with anyone’s assets. The failure of Social Security will make Lehman Brothers look like chump change. Lehman did...
  • The Savage Nation, Friday July 11, 2008

    07/11/2008 2:42:21 PM PDT · by Tamar1973 · 58 replies · 137+ views
    The New York Times ^ | Michael Savage
    What else is there to do on Fridays besides FReep and listen to TSN?! C'mon, eat, drink, breathe SAVAGE?Savage’s websiteLOTS of links to listen to the Savage radio show here!!!
  • Fannie, Freddie insolvent, Poole tells Bloomberg

    07/10/2008 7:07:50 AM PDT · by BenLurkin · 31 replies · 289+ views
    Reuters ^ | Thursday July 10, 8:58 am ET
    Reuters) - Mortgage lenders Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News) are "insolvent" and may need a U.S. government bailout, former St. Louis Federal Reserve President William Poole was quoted as saying in an interview with Bloomberg. "Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer," Poole was quoted as saying in an interview held on Wednesday. Chances are increasing that the government may need to bail out the two mortgage companies, Poole was quoted as saying. Shares...
  • CNBC Fires Back at Bear Stearns Rumor Charges

    07/09/2008 7:53:37 AM PDT · by Rufus2007 · 5 replies · 128+ views
    Newsbusters.org ^ | July 9, 2008 | Jeff Poor
    Although the collapse of Bear Stearns happened back in March, the debate still rages as to what led to the failure of the 85-year old investment bank that had survived years of previous turmoil, including the Great Depression. After JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon appeared on PBS's "The Charlie Rose Show" July 7 and commented on an August 2008 Vanity Fair article alleging that CNBC reporting could have been part of Bear Stearns' downfall, the cable channel's on-air editor Charlie Gasparino criticized what was claimed in the article and Dimon's reaction on CNBC's July 8 "Power Lunch." "Well, you...
  • JP Morgan CEO: Bear Stearns Rumor-Mongers 'Should Go to Jail'

    07/08/2008 11:45:27 AM PDT · by Rufus2007 · 7 replies · 215+ views
    businessandmedia.org ^ | July 8, 2008 | Jeff Poor
    “Where there’s smoke, there’s fire,” is the way JP Morgan Chase CEO Jamie Dimon described the impact of rumors on the downfall of investment bank Bear Stearns. Dimon appeared in a taped interview from Aspen, Colo. on the July 7 broadcast of PBS’s “The Charlie Rose Show.” He discussed the possibility of impropriety involving the collapse of Bear Stearns (NYSE:BSC), which led to the eventual JP Morgan’s (NYSE:JPM) discounted buyout of the beleaguered investment bank. “I would say, ‘Where’s smoke, there’s fire,’” Dimon said. “I’ve heard it. I don’t have evidence of it. I think the Securities and Exchanges Commission...
  • 8 Steps to a Trillion-Dollar Meltdown

    07/05/2008 12:29:15 PM PDT · by hripka · 14 replies · 196+ views
    Foreign Policy ^ | April 2008 | Charles R. Morris
    How did the U.S. financial crisis happen? A review of the road to ruin reveals a course littered with more villains than heroes. No, it’s not the Great Depression, but the United States is facing a nasty economy-wide retrenchment following the excesses of the 2000s, with no easy way to dance through it. Think 1979 to 1982, when then U.S. Federal Reserve Chairman Paul Volcker exorcised consumer price inflation from the economy. The difference today is that the inflationary explosion has been absorbed by prices of assets—houses, stocks and bonds, office buildings—rather than by the prices of things you buy...
  • NY Fed extends $28 billion loan to JPMorgan for Bear

    06/30/2008 10:36:57 AM PDT · by BGHater · 9 replies · 148+ views
    Reuters ^ | 26 June 2008 | John Parry and Al Yoon
    The Federal Reserve Bank of New York said on Thursday that it has extended a $28.82 billion loan to JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) for the acquisition of Bear Stearns. "Total credit extended by the New York Fed is lower than originally anticipated as a result of an extensive review of the portfolio," the New York Fed said in a statement on its Web site. In addition, JPMorgan has extended a $1.15 billion loan to a Delaware limited liability company (LLC), the statement said. The LLC, which will be consolidated on the books of the New York...
  • Hundreds Arrested in Mortgage Fraud Sweep

    06/19/2008 6:06:31 PM PDT · by Rebelbase · 42 replies · 125+ views
    http://abcnews.go.com ^ | 6/19/08 | JASON RYAN
    More than 400 people have been arrested since March as part of a sweeping Justice Department crackdown on alleged mortgage fraud schemes. Ex-Bear Stearns execs could face criminal charges for misleading investors. More Photos The FBI said the schemes — 144 mortgage fraud cases, resulting in 406 arrests between March 1 and June 18 — caused $1 billion in mortgage losses and have contributed to the nation's housing crisis. The arrests, dubbed operation “malicious mortgage,” were announced Thursday along with the separate indictments of two Bear Stearns hedge fund managers on fraud, conspiracy and insider trading charges — the first...
  • Bear Stearns ex-managers arrested

    06/19/2008 9:04:06 AM PDT · by 1rudeboy · 13 replies · 119+ views
    BBC News ^ | June 19, 2008 | unattributed
    Two former managers at investment bank Bear Stearns have been arrested in New York over the collapse of the bank's hedge fund last year. Reports say Ralph Cioffi and Matthew Tannin will face charges in connection with their management of hedge funds that collapsed in June 2007. The bank's hedge funds bet on the high-risk sub-prime mortgage market in the US before it collapsed. Authorities in Brooklyn are due to give details about the case later. FBI spokesman Jim Margolis told the BBC the men faced criminal charges of "securities fraud related to their management of two Bear Stearns hedge...
  • Bailout suspicions (Important--read this)

    04/25/2008 4:49:58 AM PDT · by Renfield · 13 replies · 61+ views
    American Thinker ^ | 4/25/2008 | Christopher Alleva
    There is some Interesting circumstantial evidence circulating on the web suggesting the Bear Stearns liquidation and takeover was actually to disguise the federal bailout of JP Morgan. Posing this hypothesis is John Olagues, owner of Truth In Options and a recognized authority on listed and employee stock options. He argues that there are far too many coincidences and oddities with this deal that don't add up, although odd coincidences are certainly not uncommon occurrences in the halls of high finance. Why would the Federal Reserve Bank, the S.E.C, the Treasury Department, and Congress participate much less cooperate in such a...
  • Bear Reveals Plunge in Sales, Trading

    04/13/2008 7:25:39 PM PDT · by Toddsterpatriot · 30 replies · 39+ views
    The Wall Street Journal ^ | April 12, 2008 | KATE KELLY
    Bear Stearns Cos. disclosed that its stock and bond sales and trading business, long the cornerstone of its franchise, plunged "precipitously" following the cash crunch that forced the Wall Street firm to agree to sell itself to J.P. Morgan Chase & Co. for a fire-sale price. The decline to "well less than 50% of activity levels in 2007 and in the first quarter of 2008" was revealed in a securities filing Friday that gave the most specific details yet about the customer exodus that continued even after Bear Stearns agreed to the takeover on March 16. As of March 24,...
  • New Website "AngryRenter.com" Outlet for Mortgage Bailout Outrage!

    04/10/2008 9:18:12 AM PDT · by bstein80 · 46 replies · 1,764+ views
    AngryRenter.com ^ | 4-10-2008 | FreedomWorks
    All we hear these days is whining from reckless home borrowers and their banks. But did you know that renters are 32 percent of American households? And that homes in foreclosure are less than 2 percent? So why is Congress rushing to bailout high-flying borrowers and their lenders with our tax dollars? Unfortunately, renters aren't as good at politics as the small minority of homeowners (and their bankers) who are in trouble. We don't have lobbyists in Washington, DC. We don't get a tax deduction for our rent and we don't get sweetheart government loans. Quite simply, we are just...
  • Robert Novak: Wall Street in D.C.

    04/09/2008 11:21:44 PM PDT · by The_Republican · 17 replies · 235+ views
    Real Clear Politics ^ | April 10th, 2008 | Robert Novak
    While conservatives inside the administration are unhappy about intervention in markets, President Bush seems content with how the Federal Reserve and Treasury cooked up the deal with erstwhile colleagues in Wall Street. There is little conservative or Republican about the administration's approach to the fiscal crisis, as reflected in Room G-50. Uncritical Democratic senators were not even inquisitive. The closest a senator came to asking who set the price for JPMorgan was this apologetic question from Committee Chairman Christopher Dodd: "There's just reports -- I want to share them with you -- that JPMorgan Chase would make an offer of...
  • Did the Fed “Bail Out” Bear Stearns?

    04/09/2008 6:50:07 AM PDT · by Toddsterpatriot · 130 replies · 489+ views
    Yahoo! Finance ^ | April 4, 2008 | Jeremy Siegel
    "Oh, no! Two dollars!" So cried investors three weeks ago. The Federal Reserve had just announced that it was lowering the discount rate by a quarter of a point and had arranged for the sale of Bear Stearns to JPMorgan Chase. Stock futures jumped on news of the discount rate cut and Bear sale until investors heard the price. The market's anxiety was justified. If a legendary Wall Street investment bank that investors valued at over $100 per share just last December was suddenly worth next to nothing, what were the other Wall Street firms, such as Goldman Sachs, Merrill,...
  • Experts start to see light in credit gloom

    04/07/2008 6:33:36 PM PDT · by kiriath_jearim · 4 replies · 155+ views
    Financial Times ^ | 4/7/08 | Krishna Guha
    Is the worst over? For the first time since financial turmoil began in August last year, some respected experts are beginning to speculate that the worst of the credit crisis may now be past. Stanley Fischer, governor of the Bank of Israel, says the Bear Stearns rescue might be a “turning point”. His view is shared by Larry Summers, the former US Treasury secretary, who wrote in the FT last week: “It is not unreasonable to hope that, in the US at least, the financial crisis will remain in remission.” Some analysts also agree. “Increase risk exposures,” JPMorgan advised clients...
  • Bear Stearns employees flood Wall Street rivals with resumes

    04/06/2008 5:51:35 PM PDT · by SeekAndFind · 27 replies · 90+ views
    Reuters ^ | April 4, 2008 | Paritosh Bansal
    NEW YORK (Reuters) - Bear Stearns employees are flooding Wall Street with their resumes as the firm is acquired by rival JPMorgan Chase, but the job market looks bad, investment bankers and recruiters said. On Friday, JPMorgan announced its first top-level management jobs since the banks initially reached their agreement to merge on March 16. Of 26 executives named to executive positions in the investment banking and trading division, only five are from Bear Stearns. One banker at a rival firm said resumes have been coming in from not just current Bear employees, but also business school graduates whose offers...
  • Michelle Malkin: Housing thug

    04/04/2008 11:20:55 PM PDT · by JohnHuang2 · 6 replies · 73+ views
    Washington Times ^ | 4/5/08 | Michelle Malkin
    Last week, a mob of screeching protesters invaded the Bear Stearns headquarters in Manhattan demanding more aid for homeowners. As you know, I oppose federal bailouts of every make and model — and that includes both the Bear Stearns deal and the bipartisan stimulus-palooza in Washington. But the bank-bashers who held their demonstration in New York City against Bear Stearns and JPMorgan are totally unhinged. And out of control. Here is the face of the entitlement culture gone mad: "We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed," said...
  • Bear CEO: Don't Blame Me

    04/04/2008 10:57:50 AM PDT · by Toddsterpatriot · 14 replies · 31+ views
    Tech Ticker ^ | Apr 04, 2008 | Aaron Task
    Thursday's Senate hearing on the Bear Stearns bailout included a lot of obligatory testimony and political grandstanding, which was predictable. Missing from the dog and pony show, however: Any sense of accountability from Bear CEO Alan Schwartz. Schwartz blamed the disaster on a "run on the bank" stemming from "unfounded rumors and attendant speculation [which] became self-fulfilling." And while it's true rumors persist that Bear Stearns was the target of short-sellers, rumor-mongering is part of the reality on Wall Street. Schwartz also cited an "honest disagreement" over the length of a short-term lending facility granted by JPMorgan days before Bear's...
  • Thoughts on Bear Stearns

    04/04/2008 11:01:19 AM PDT · by Nony · 12 replies · 78+ views
    Powerline Blog ^ | April 3, 2008 | John Hinderaker
    Bob Reich, whom I knew vaguely long ago, writes a demagogic column for the American Prospect about the Bear Stearns "bailout": Some of the dollars I'm sending to Washington are now being used to backstop Wall Street investment bankers, hedge fund and private equity managers, and anybody else associated with a borrower that's too big to fail. The reason they're too big to fail is they've borrowed so much from me and from you - from our pension funds and money-market funds - that if they went bust, our savings would disappear. *** The reason they've been able to borrow...
  • The Fox Wants More Of Our Chickens

    04/04/2008 3:22:53 PM PDT · by Lettuce-defend-Her · 8 replies · 142+ views
    Financialsense .com ^ | April 4, 2008 | DeepCaster LLC
    “Explain the logic of this? The Bank of Bernanke takes $29 billion in Bear's toxic real estate debts, but lets Bear Stearns' skyscraper go to JPMorgan for a song? Why didn't the Fed take control of Bear's one real asset and rent it out to JPMorgan with the proceeds going back into federal coffers?”…American taxpayers are potentially on the hook for $29 billion…yes, $29 billion… “$66 billion. That is the record amount of money Wall Street's top five firms…paid out in compensation and bonuses last year to their 186,000 employees…” “At Merrill Lynch, they paid out $15.9 billion in compensation...
  • N.Y. Fed's Geithner explains Bear Stearns deal (Text of remarks before Senate Banking Committee)

    04/04/2008 1:36:11 PM PDT · by Ernest_at_the_Beach · 2 replies · 133+ views
    MarketWatch ^ | 12:03 p.m. EDT April 3, 2008 | Fed via MarketWatch
    WASHINGTON (MarketWatch) -- Following is the text of remarks that Timothy Geithner, president of the New York Federal Reserve Bank, delivered Thursday before the Senate Banking Committee, as provided by the bank. Good morning, Chairman Dodd, Ranking Member Shelby, and other members of the Committee. Thank you for giving me the opportunity to appear before you today. I am here to outline the actions by the Federal Reserve Bank of New York in response to present challenges in financial markets, including those in relation to the proposed merger of Bear Stearns and JPMorgan Chase. On the evening of Thursday, March...
  • US senators worry about taxpayer exposure to Bear Stearns

    04/03/2008 1:48:16 PM PDT · by kiriath_jearim · 32 replies · 2,341+ views
    Breitbart/AFP ^ | 4/3/08 | n/a
    US senators expressed concern Thursday that billions of dollars in taxpayer funds has been put on the line to back the emergency takeover of troubled investment bank Bear Stearns. Republican Senator Jim Bunning branded the move an act of "socialism," as the Senate Banking Committee held a hearing into Bear Stearns' takeover by banking giant JPMorgan Chase. JPMorgan Chase agreed to take over Bear Stearns for just over one billion dollars last month in a deal backed by the US central bank which stumped up 29 billion dollars to support the transaction in exchange for collateral from Bear Stearns. The...
  • Ben Bernanke admits Bear Stearns was hours from collapse

    04/03/2008 9:22:59 AM PDT · by TigerLikesRooster · 319 replies · 10,731+ views
    Times of London ^ | 04/03/08 | Dearbail Jordan
    April 3, 2008 Ben Bernanke admits Bear Stearns was hours from collapse Dearbail Jordan US Federal Reserve chairman, Ben Bernanke, today revealed that Bear Stearns was just one day away from going bust when the central bank stepped in to save the Wall Street bank to prevent chaos and a "severe" impact on confidence. Speaking for a second day in front of US Congress, Mr Bernanke attempted to justify JP Morgan Chase's rescue of Bear Stearns, in a deal that included the US Fed agreeing to back $29 billion of the troubled investment bank's assets. Mr Bernanke said: "... on...
  • Meet a Left-Wing Housing Thug

    04/02/2008 5:41:13 AM PDT · by moderatewolverine · 34 replies · 126+ views
    Primetime Politics ^ | April 2, 2008 | Michelle Malkin
    Last week, a mob of screeching protesters invaded the Bear Stearns headquarters in Manhattan demanding more aid for homeowners. As you know, I oppose federal bailouts of every make and model — and that includes both the Bear Stearns deal and the bipartisan stimulus-palooza in Washington. But the bank-bashers who held their demonstration in New York City against Bear Stearns and JPMorgan are totally unhinged. And out of control. Here is the face of the entitlement culture gone mad: “We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed,” said...
  • Treasury Confirms MBS Back Bear Loan

    04/01/2008 3:07:51 PM PDT · by Thoreau · 19 replies · 46+ views
    Wall Street Journal ^ | April 1st, 2008 | Greg Hitt and Greg Ip
    The securities backing a $29 billion Fed loan to Bear Stearns Cos. consist primarily of “mortgage backed securities and related hedge investments,” the Treasury Department says. ..snip... Treasury also supplied a letter from Secretary Henry Paulson to Federal Reserve Bank of New York President Timothy Geithner, dated March 17, saying, “On behalf of the Department of Treasury, I support this action as appropriate and in the government’s interest, and acknowledge that if any loss arises out of the special facility extended by the FRBNY to JPMCB [J.P. Morgan Chase Bank], the loss will be treated by the FRBNY as an...
  • Irony in Wall Street (Thomas Sowell)

    04/01/2008 3:58:06 AM PDT · by jazusamo · 26 replies · 56+ views
    Townhall.com ^ | April 1, 2008 | Thomas Sowell
    There was a real irony in the recent intervention by the Federal Reserve System to provide the money that enabled the firm of JPMorgan Chase to buy Bear Stearns before it went bankrupt. The point was to try to prevent a domino effect of panic in the financial markets that could lead to a downturn in the economy. The irony is that it was almost exactly a hundred years ago -- 1907, to be exact -- that the original J.P. Morgan arranged a bailout of a troubled financial institution for the same purpose of preventing a panic that could end...
  • Bear Stearns bailout good for everyone

    03/31/2008 7:06:15 AM PDT · by RKBA Democrat · 37 replies · 653+ views
    Market Watch ^ | 3-30-08 | Irwin Kellner
    Never has one word been used so many times by so many people who think they know what's best for our sluggish economy than the word "taxpayers." Take the New York Times, for example. On Sunday, an editorial discussing the steps that the Federal Reserve recently took to prevent Bear Stearns Companies Inc. from going bankrupt mentioned the word "taxpayers" no less than nine times. -SNIP- Like many others, the Times is worried that taxpayers will bear some or all of the cost of rescuing Bear Stearns, and thus averting a possible crisis to our financial system. I'm not so...
  • Even on Wall Street, capitalism takes a hit-Socialist-style Fed or financial saviour?

    03/30/2008 2:52:32 PM PDT · by BGHater · 20 replies · 729+ views
    The Globe and Mail ^ | 28 Mar 2008 | BARRIE MCKENNA
    WASHINGTON -- The cover of the latest issue of BusinessWeek shows Ben Bernanke in profile against a bright red and orange backdrop, pensively stroking his grey beard and looking remarkably like Vladimir Ilyich Lenin. The imagery is intentional and pointed. From BusinessWeek to The Wall Street Journal and beyond, the U.S. business elite has awoken to the realization that the U.S. Federal Reserve Board, backed by the Bush administration, has embarked on a revolutionary course to save financial capitalism from implosion. It isn't just about the Bear Stearns rescue, which Mr. Bernanke greased with a $30-billion (U.S.) loan. Mr. Bernanke's...
  • More on The Federal Reserve's St. Patrick's Day Massacre (The Bear Stearns Takeover)

    03/29/2008 1:26:20 PM PDT · by Ernest_at_the_Beach · 276 replies · 2,381+ views
    RedState ^ | Mar. 29, 2008 7:16am | blackhedd
    Two days ago, I wrote here on the widely-reported $30 billion loan that the Federal Reserve made as part of brokering the acquisition of the Bear Stearns Companies by JP Morgan Chase (the "St. Patrick's Day Massacre"). I now have much more information on what this deal is all about. I guessed quite wrong about the deal structure. The $30 billion loan is not a term repo as I originally thought. Nor is it likely to generate monetary losses for taxpayers. (In fact, the opposite is true.)But it is something bold and different that's worth understanding. In fact, it's a...
  • Headquarters Curse?

    03/28/2008 8:58:30 PM PDT · by Toddsterpatriot · 8 replies · 224+ views
    New York Sun ^ | March 27, 2008
    The "headquarters curse" — the idea that the moment a company starts planning a fancy new headquarters is the moment for smart investors to start bailing out of its stock — is being given new currency by events here in New York. The most recent example is Bear Stearns, which, according to the Web site of Good Jobs New York, a group that opposes special subsidy deals for businesses, was granted $75 million in tax breaks by the Giuliani administration in 1997 to build a new 1.1 million square foot world headquarters at 383 Madison Avenue, designed by Skidmore, Owings...