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...The now expansive buyout and private credit industries were also pioneered by small teams of former bankers from groups like Bear Stearns, Lehman Brothers and Drexel Burnham Lambert, who devised new financial...
...The bank bulked up during the crisis by taking over the collapsing Bear Stearns and Washington Mutual....
...In 2006, little more than one in 10 were so expensive. Other apartment complexes supported by the pair charge even higher rents than Sky....
...When global market nervousness, triggered by the US subprime mortgage crisis, led those wholesale funding markets to seize up, Northern Rock, like Bear Stearns and Lehman Brothers after it, had no way of...
...Before the crisis, there was no minimum ownership, resulting in mortgage firms simply flipping all kinds of dross at Goldman or Merrill or Bear Stearns....
...After the collapse of Bear Stearns, people started looking at banks [in] a very critical light.”...
...Royal Bank of Scotland grew out of National Westminster Bank and later ABN Amro; Deutsche grew out of Morgan Grenfell and Bankers Trust; JP Morgan Chase – Bank One, Chemical Bank, scrappy Bear Stearns, Washington...
...A partner at his firm, Larry Iason, had been retained already by Mark Kurland, the Bear Stearns executive turned hedge manager who was taken into custody that day....
...Mortgage defaults were rising. In July 2007, two of Bear Stearns’ mortgage-related hedge funds had imploded....
...Short-term funding could yet dry up, as it did for dollar-structured investment vehicles in 2007, and Bear Stearns and Lehman Brothers in 2008....
...So for instance, assuming CMBS loans originated by GE, Bank of America, Bear Stearns, GMAC and Wells Fargo since 2003 probably have MERS language in their deal documents....
...ACA paid fees to Bear Stearns on behalf of BSMB for its involvement and the bank later structured a number of CDOs on behalf of ACA for which ACA paid millions of dollars in fees....
...Funding remains scarce for loans backed by commercial mortgages, with the market for bonds backed by such loans – commercial mortgage backed securities – still dysfunctional....
...However, two years later the group is in the hands of the UK government following its near collapse and the worst annual loss in UK history, a victim of the crisis that claimed Lehman Brothers, Bear Stearns...
...In the aftermath of the near-collapse of Bear Stearns in March 2008, Lehman found itself unable to sell some of its most illiquid assets....
...The failures of Bear Stearns and Lehman Brothers last year were due in part to heavy reliance on the use of repo for funding....
...Stearns, the cowboy investment bank, in spring 2008....
...When the US government bailed out Bear Stearns, by assuming the risk of $29bn of its subprime mortgage assets, there was almost $6bn less cash on Bear’s balance sheet because of buy-backs during 2003-07....
...Stearns stoked the fear of a systemic financial crisis....
...What happened, for instance, to the idea of “too inter-connected to fail” that held such weight after the Bear Stearns rescue?...
...His Legg Mason Value Trust famously beat the S&P 500, its benchmark, for 15 consecutive years. That streak came to a close in 2006....
...The over-reliance on using such illiquid assets ultimately sparked an old-fashioned run on Bear Stearns, when investors cut their repo funding....
...Universal banks need careful monitoring The recent failure of Bear Stearns, Lehman Brothers and Merrill Lynch as independent banks has raised questions about the future of investment banking....
...The Bear Stearns operation had protected counterparties, but after Lehman all remaining trust vanished. Money markets and interbank lending froze completely....
...Lehman tried to shore up its defences this year, securing a $2bn credit line from its banks on March 14 – the Friday before the Fed-engineered sale of Bear Stearns to JPMorgan Chase....
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