30 May 2008

85 Years As An Independent Company, Wrapped Up In 11 Minutes

Gathered in the second-floor auditorium of Bear's Madison Avenue headquarters, several hundred stockholders voted to approve their company's sale to J.P. Morgan Chase for $1.4 billion. In doing so, they sealed a deal made in haste two months ago amid one of the most terrifying bank runs in history.

Bear Stearns, a powerhouse on Wall Street for nearly nine decades, ceased to exist yesterday in a meeting that lasted about 11 minutes...

See: Kate Kelly's magnum opus, The Fall of Bear Stearns

Part One: Missed Opportunities As the firm's fortunes spiraled downward, executives squabbled over raising capital and cutting its inventory of mortgages.

Part Two: Run on the Bank Executives believed they were about to turn a corner, but rumors and fear sent clients, trading partners and lenders fleeing.

Part Three: Deal or No Deal? The Fed pressured Bear Stearns to sell itself, but a misstep in the hastily drawn agreement nearly scuttled the deal.

Also: Bear's Final Moment: An Apology and No Lack of Ire {WSJ}

Scenes from Bear Stearns’ Final Hours {WSJ}

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