by kindred_asura
In March 2008, the New York Federal Reserve provided an emergency loan to try to avert a sudden collapse of Bear Stearns. The company could not be saved, however, and was sold to JPMorgan Chase for $10 per share, a price far below its pre-crisis 52-week high of $133.20 per share, but not as low as the $2 per share originally agreed upon.
The collapse of the company was a prelude to the meltdown of the investment banking industry in the United States and elsewhere that culminated in September 2008, and the subsequent 2008 global financial crisis. In January 2010, JPMorgan ceased using the Bear Stearns name.
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In March 2023, the Swiss National Bank provided an emergency loan to try to avert a sudden collapse of Credit Suisse. The company could not be saved, however, and was sold to UBS for $0.75 per share, a price far below its 52-week high of $8 per share, but not as low as the $0.2 per share originally agreed upon.
The collapse of the company was a prelude to the meltdown of the investment banking industry …..
JPMORGAN: THE DECISION TO WRITE DOWN CREDIT SUISSE AT1 COULD LEAD TO CONTAGION FOR WHOLESALE FUNDING COSTS ACROSS THE INDUSTRY.
— Breaking Market News (@financialjuice) March 20, 2023
CEO of credit suisse goes on media saying liquidity is very very strong then sells it to UBS for pennies on the dollar.
UBS shares slide 5%, Credit Suisse craters 60% after takeover deal
Fed, Central Banks Announce Emergency Cash Measures Sunday
US banks impact of unrealised losses
S&P cuts First Republic deeper into junk, says $30 billion infusion may not solve problems
The UBS credit default swaps (insurance on default) are now going vertical.
So who buys out UBS if they have an issue? pic.twitter.com/tCRKfSIus2
— Wall Street Silver (@WallStreetSilv) March 20, 2023
While everyone was distracted by SVB they missed Credit Suisse.
While everyone is distracted by Credit Suisse they’re missing Wells Fargo.
— Financelot (@FinanceLancelot) March 20, 2023