SEC's Oversight of Bear Stearns and Related Entities: The Consolidated Supervised Entity Program, Report No. 446-A

摘要

During the week of March 10, 2008, rumors spread about liquidity problems at The Bear Steams Companies, Inc. (Bear Steams). As the rumors spread, Bear Steams was unable to obtain-secured financing from counterparties. This caused severe liquidity problems. As a result, on Friday March 14, 2008, JP Morgan Chase and Co. (JP Morgan) provided Bear Steams with emergency funding from the Federal Reserve Bank of New York (FRBNY). According to Congressional testimony, after the markets closed on March 14, 2008, it became apparent that the FRBNY's funding could not stop Bear Steams' downward spiral. As a result, Bear Steams concluded that it would need to file for bankruptcy protection on March 17, 2008, unless another firm purchased it. On Sunday March 16, 2008, (before the Asian markets opened), Bear Steams' sale to JP Morgan was announced with financing support from the FRBNY. In May 2008, the sale was completed.