Bear Stearns’ plunge highlights pressure on banks, brokers
Bear Stearns’ plunge drives down financials
By Greg Morcroft, MarketWatch
Last Update: 12:17 PM ET Mar 14, 2008
NEW YORK (MarketWatch) — Investors hammered financial stocks on Friday,
highlighted by Bear Stearns losing more than half its value at one point after an
elaborate bailout by the New York Federal Reserve Bank and J.P. Morgan triggered
sector-wide selling.
Bear, which earlier this week denied any liquidity problems, quickly changed its
tune Friday morning before the market opened. Alan Schwartz, chief executive of
Bear (BSC), said in a statement that the company’s liquidity position in the last
24 hours “had significantly deteriorated,” and unveiled the unusual three-way
deal.
The company scheduled a conference call with analysts for 12:30 p.m. Eastern
time.
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