What is bear stearns?
- Posted:
- 3+ months ago by pooney2008
- Topics:
- bankruptcy, wall street
Answers (2)
The Bear Stearns Companies, Inc. was a New York based global investment bank and securities trading and brokerage firm that failed in 2008 as part of the global financial crisis and recession and was subsequently sold to JPMorgan Chase. Its main business areas before its failure were capital markets broker, wealth management and global clearing services.
An investment bank located in New York City that collapsed during the subprime crisis in 2008. The collapse of Bear Stearns was the result of the company's exposure to collateralized debt obligations (CDOs) and other securitized debt markets, which it had become overleveraged in. The company was subsequently sold to JP Morgan Chase at a fraction of its previous market capitalization.