Within a few days, on Monday, March 17, Bear was gone - subsumed into JPMorgan Chase & Co. En masse, they stopped doing business with Bear. They were worried that the billions of dollars of mortgage-backed securities on its books weren’t worth what the company claimed. (AP file)īefore Lehman crashed, there was “The Bear.”īear Stearns, once the nation’s fifth-largest investment bank, had been a fixture on Wall Street since 1923 and had survived the crash of 1929 without laying off any employees.īut in 2008, its customers and creditors didn’t much care about its storied history. On left, people entering and exiting the Bear Stearns corporate headquarters in New York in 2007, and right, a demonstrator affiliated with New York City Occupy Wall Street protesting in 2011.
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