View more on these topics

Bear Stearns calls on emergency funds

US banking giant Bear Stearns has received emergency funding from JP Morgan Chase and the Federal Reserve.

JP Morgan will provide the necessary liquidity for the next 28 days. Bear Stearns owns UK lender Rooftop Mortgages.

Only four days after a formal denial of liquidity issues the bank has entered into talks with JP Morgan regarding permanent financing.

Alan Schwartz, president and chief executive officer of the Bear Stearns Companies, says: “Bear Stearns has been the subject of a multitude of market rumors regarding our liquidity. We have tried to confront and dispel these rumors and parse fact from fiction.

“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.”

But the company warns that it can make no assurance that any strategic alternatives will be successfully completed.


JP Morgan buys Bear Stearns

Rooftop Mortgages’ owner Bear Stearns has been bought by JP Morgan Chase for the knock-down price of $2 per share.

UK banks’ share prices plunge

Several major UK banks have seen their share prices dip this morning, on the back of the crisis that engulfed Bear Stearns.Shares in HBOS dropped just under 10% this morning, from 528p to 478p, while Barclays’ share price fell 6.47%, from 433p to 405p, and Lloyds TSB saw its stock drop 3.86% from 421p to […]

Cold comfort

It was a case of blood on the piste last week for GHL Group. Forget about damaging your wealth. Mole has it on good authority that bring an appointed representative of GHL Group could seriously damage your health.

E2M appoints new regional sales directors

Easier2move has appointed Lisa Newey and Charlotte Etheridge as regional sales directors. Newey will be responsible for the South and Etheridge will oversee Central and North England.She joined E2M as an account manager three years ago and was promoted to BDM heading up the South after a year. In her new role she will continue […]


News and expert analysis straight to your inbox

Sign up