In what is likely to be a bit of a blockbuster, SEC Chairman Christopher Cox sent a letter to Swiss regulators indicating the Bear Stearns (NYSE: BSC) did not have to go the way of all flesh. According to The New York Post "the 'fate of Bear Stearns was a lack of confidence, not a lack of capital,' Cox, the head of the Securities and Exchange Commission, wrote in a five-page letter sent to a Swiss regulator."
That letter will lead angry Bear Stearns sharedholders, who watched the stock fall from over $30 near $2, to question why JP Morgan (NYSE: JPM) was able buy the brokerage at a deep discount with help from the Federal Reserve. The missive may encourage Congress and regulators to question whether the takeover of BSC involved foul play.
Read the rest of the story at 247 Wall St.
Reader Comments (Page 1 of 1)
4-22-2008 @ 11:46PM
marty said...
How much bonus money was paid to bear sterns employees last year?