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JPMorgan Chase and the federal government team up on a bailout of Bear Stearns, a last-ditch move to save the investment bank

Bear Stearns (BSC) is clawing to stay alive, with many on Wall Street now betting the storied investment bank may not survive the weekend as an independent shop.

Bear’s stock was in a free fall Mar. 14—hitting an 11-year low—following the news that JPMorgan Chase (JPM) and the New York Federal Reserve had stepped in with an emergency cash bailout for the New York-based investment firm. The bailout was engineered after days of denials by Bear executives that the firm was facing a liquidity crisis and lacked sufficient funds to continue operating. Bear’s stock finished down 47% at 30, on volume that was more than 18 times normal trading. JPMorgan dipped 4% to 36.54

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Tags: bailout, bear stearns, JPMorgan Chase

This entry was posted on Saturday, March 15th, 2008 at 6:40 am and is filed under Mortgage Lender & Broker News, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.