Recent events
2012-06-15
Transactions
PRIMARY
The Maiden Lane I portfolio managed by BlackRock on behalf of the FRBNY was fully repaid by 2012, with the FRBNY recovering its $28.82 billion loan plus interest and reporting a net gain of approximately $765 million…
2011-07-21
Other facts
PRIMARY
The GAO's 2011 audit of Federal Reserve emergency programs (GAO-11-616) documented that the FRBNY's engagement of BlackRock to manage Maiden Lane I was conducted without competitive bidding and that the contract terms…
2010-01-15
Other facts
PRIMARY
JPMorgan Chase ceased using the Bear Stearns name in January 2010, approximately 22 months after the acquisition, formally retiring the 87-year-old brand from Wall Street. Thousands of Bear Stearns employees lost their…
2009-11-10
Transactions
PRIMARY
The SEC charged Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin with securities fraud in June 2008, alleging they misled investors about the funds' subprime exposure. Both were acquitted by a Brooklyn…
2009-11-10
Transactions
PRIMARY
The SEC charged two Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin, with securities fraud in June 2008, alleging they misled investors about the funds' exposure to subprime mortgages. Both were…
2008-09-26
Other facts
PRIMARY
Bear Stearns was subject to the SEC's Consolidated Supervised Entity (CSE) Program, created in 2004 after the Gramm-Leach-Bliley Act relaxed capital requirements. An SEC Inspector General report later found the CSE…
2008-06-15
Other facts
PRIMARY
David Malpass served as Bear Stearns' chief economist from 1993 until the bank's 2008 collapse. He later served as U.S. Under Secretary of the Treasury for International Affairs (2017–2019) and as President of the…
2008-06-15
Transactions
SECONDARY
At its peak in early 2007, Bear Stearns had a market capitalization of approximately $20 billion and its stock traded above $170 per share. By the time of the JPMorgan acquisition it had been valued at $10 per share…
2008-05-30
Transactions
PRIMARY
JPMorgan Chase acquired Bear Stearns for approximately $1.2 billion (at $10/share) after the Fed agreed to absorb the first $1 billion of losses on the Maiden Lane I portfolio and provide the $28.82 billion loan…
2008-04-03
Stated positions
PRIMARY
Bear Stearns CEO Alan Schwartz testified before the Senate Banking Committee on April 3, 2008, stating that the firm's collapse was caused by a 'crisis of confidence' and short-selling pressure rather than insolvency…
2008-03-26
Transactions
PRIMARY
The FRBNY extended a $28.82 billion loan to Maiden Lane LLC to purchase the Bear Stearns toxic asset portfolio. BlackRock Financial Management was hired without competitive bidding to value and manage the Maiden Lane I…
2008-03-26
Transactions
PRIMARY
The FRBNY created Maiden Lane LLC to purchase approximately $30 billion of Bear Stearns' most toxic assets, funded by a $28.82 billion senior loan from the FRBNY and a $1 billion subordinated loan from JPMorgan Chase…
2008-03-24
Transactions
PRIMARY
The original deal valued Bear Stearns at $2 per share (~$236 million total), a price that CEO Alan Schwartz later said was dictated by the Treasury Department. After shareholder fury and legal challenges, the price was…
2008-03-17
Transactions
PRIMARY
Bear Stearns' world headquarters at 383 Madison Avenue in Manhattan — a 45-story tower completed in 2003 — was valued at approximately $1.1–1.4 billion at the time of the acquisition. The building became a key JPMorgan…
2008-03-16
Transactions
PRIMARY
In March 2008, Bear Stearns experienced a liquidity crisis as counterparties refused to roll over short-term financing. On March 14, 2008 the Federal Reserve Bank of New York extended an emergency $25 billion credit…
2008-03-14
Transactions
PRIMARY
On March 13, 2008, Bear Stearns notified the Federal Reserve that it would not have enough liquid assets to meet its financial obligations the following day. On March 14, the FRBNY extended a $12.9 billion bridge loan…
2007-11-05
Other facts
PRIMARY
Bear Stearns operated multiple offshore entities, including Bear Stearns Ireland Limited in Dublin (a holding company for Bear Stearns Bank plc, employing ~140 staff) and Bear Stearns Alternative Assets International…
2007-11-02
Transactions
PRIMARY
Chairman and former CEO James 'Jimmy' Cayne — who led Bear Stearns from 1993 to 2008 — was publicly criticized for playing golf and bridge tournaments and reportedly smoking marijuana during critical periods when the…
2007-09-12
Transactions
PRIMARY
British billionaire Joseph Lewis (a currency trader living in tax exile in the Bahamas) acquired a 7% stake in Bear Stearns for approximately $860 million in September 2007, becoming its largest individual shareholder…
2007-07-15
Other facts
PRIMARY
Bear Stearns was a leading underwriter and packager of mortgage-backed securities. By 2007 it managed two highly leveraged hedge funds — the High-Grade Structured Credit Fund and the High-Grade Structured Credit…
2007-07-15
Transactions
PRIMARY
Bear Stearns managed two highly leveraged hedge funds — the High-Grade Structured Credit Strategies Fund and the High-Grade Structured Credit Strategies Enhanced Leverage Fund — that were heavily exposed to subprime…
2007-06-15
Transactions
PRIMARY
Bear Stearns was founded in 1923 and by 2007 was the fifth-largest U.S. investment bank by assets, with approximately $395 billion in assets and roughly 14,000 employees.
2007-01-15
Transactions
PRIMARY
By early 2007, Bear Stearns was the fifth-largest U.S. investment bank with approximately $395 billion in total consolidated assets, roughly 15,500 employees worldwide, and a market capitalization of approximately $20…
2006-08-07
Other facts
SECONDARY
Bear Stearns filed filing with the SEC on 2006-08-07. Accession number: N/A.
2006-03-16
Transactions
PRIMARY
In March 2006, Bear Stearns paid $250 million to settle SEC charges for facilitating unlawful late trading and deceptive market timing of mutual funds between 1999 and 2003, consisting of $160 million in disgorgement…
+5 earlier events on the chart
