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/ 4 April 2008

Bank chief blames rumours for Bear’s collapse

The head of the crisis-hit investment bank Bear Stearns has blamed short sellers and market manipulators for spreading negative financial rumours to induce a collapse of the 85-year-old Wall Street institution. Bear’s chief executive, Alan Schwartz, told the senate’s finance committee in Washington that his firm had been as well-capitalised as its rivals.

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/ 17 March 2008

JP Morgan to buy Bear, Fed opens lending to Wall Street

JP Morgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the United States Federal Reserve expanded lending to securities firms for the first time since the Great Depression to prop up the financial system. The shock news, the biggest sign yet of how devastating the credit crisis is for Wall Street, slammed the US dollar to a record low against the euro,