Bear Stearns Needs Help From JP Morgan and The NY Fed
In a surprise move, Bear Stearns Cos. has had to get a bailout out from rival JP Morgan and the New York Federal Reserve. Rumors of financial distress have been circulating the past week with executives trying to reassure the public.
Tough times in the financial sector are another part of the real estate slowdown. If the financial companies can not stabilize it will be very tough for real estate to do so. For a better understanding of how the lax lending standards in real estate led to many of the issues with the big lenders, here is a great powerpoint explanation.
Bear Stearns executives had reassured markets all week that the bank’s financial position was solid, but were ultimately forced to seek help.
“We have tried to confront and dispel these rumors and parse fact from fiction,” CEO Alan Schwartz said in a release. “Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated. We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations.” WSJ.com.
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