Legal Updates
Sale of Bear Stearns Faces Probe
Thursday, March 20, 2008
On March 20, 2008, The Wall Street Journal reported that Congress has begun looking into the Federal Reserve-backed agreement to sell Bear Stearns to J.P. Morgan Chase, examining the agreement to see whether it complied with federal regulations and seeking to determine taxpayer exposure. Rep. Henry Waxman, D-Calif., who heads…
Bear Stearns Employee Stock Plan Hit With Lawsuit
Monday, March 17, 2008
A lawsuit was filed on March 17, 2008 against Bear Stearns Cos. (BSC) on behalf of the participants in its employee stock-ownership plan in the wake of an agreement to sell the investment bank to JPMorgan Chase & Co. (JPM) at a fire-sale price of $2 a share. The lawsuit,…
Bear Stearns Timeline
Monday, March 17, 2008
Here is a look back at the key issues for Bear Stearns from early signs of problems in the mortgage market last June to the recent announcement of emergency funding from the NY Fed and JP Morgan. June 22 2007 Bear Stearns agrees a plan for a $3.2bn secured loan…
Analysts Covering Bear Stearns Fooled Also
Monday, March 17, 2008
The sudden collapse of Bear Stearns, the fifth-largest U.S. investment bank dealt another black eye to analysts, who didn't see it coming as they concentrated on Bear's longer-term business and operations. Some investors said the failure stemmed more from market psychology , a loss of confidence in dealing with Bear…
CountryMark Slaps Morgan Keegan With Lawsuit
Thursday, February 07, 2008
Farmer-owned Indiana fuel refiner CountryMark Cooperative declared it was burned by its investment adviser's decision to sink $10 million of the co-op's capital last year into mortgage-backed securities that included now-notorious subprime home loans. In a federal lawsuit filed in Indianapolis, CountryMark claims its $10 million note is in default…
