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March 18 The Demise of Bear Stearns
Timeline of events leading to the cut price sale of an American icon. JUNE 22 2007 Bear Stearns commits $3.2bn in secured loans to bail out one of its hedge funds. It says its troubles are 'relatively contained'. JULY 17 Bear Stearns reveals that one of its hedge funds has lost all of its value. Another worth 9 per cent of its value at the end of April. AUGUST 5 Co-president Warren Spector resigns after the collapse of the two exposed hedge funds. He was seen as the favourite to succeed chief executive Jimmy Cayne. AUGUST 17 Bear Stearns slashes 240 jobs in two mortgage origination units. In early October, the bank culls over 300 more jobs. OCTOBER 22 Bears Stearns secures a share-swap deal with Citic, China's largest securities firm. Citic pays $1bn for about 6 per cent stake in Bear Stearns. The US bank agrees to eventually pay the same for about 2 per cent of Citic. NOVEMBER 1 A US newspaper suggests that Cayne was out of touch during the collapse of the two hedge funds. He dismisses the media concerns as "noise". DECEMBER 7 Joe Lewis, Bahamas-based billionaire, up his stake to 8 per cent, showing that he believes the Bear Stearns shares are undervalued. DECEMBER 20 The bank reports its first-ever quarterly loss. The loss is nearly four times analysts' forecasts, and includes a $1.9bn writedown on its holdings of mortgage assets. JANUARY 7 2008 CEO Cayne retires under pressure, but stays on as non-executive chairman. Alan Schwartz becomes president and chief executive. FEBRUARY 14 In reaction to the fall in the bank's share price since the share-swap deal, it emerges that Citic has been renegotiating the agreement. FEBRUARY 28 Rebel investors in Bear Stearns seize two of the bank's failed hedge funds in an attempt to regain some of the $1.6bn lost in the previous summer's collapse. MARCH 7 Carlyle Capital Corporation sees its shares suspended in Amsterdam. The $22bn hedge fund suffered exposure to mortgage backed securities, and had received substantial additional margin calls and default notices from its lenders. Bear Stearns is seen as heavily exposed to Carlyle Group, founder and 15 per cent owner of CCC. MARCH 13 CCC collapses. Bear Stearns shares fall 17 per cent as investors grow anxious about its exposure to CCC. Schwartz comments: "Our balance sheet is not weakened at all." MARCH 14 JP Morgan and the New York Federal Reserve rush to the rescue of Bear Stearns. Shares crash almost 50 per cent. MARCH 16 JP Morgan agrees to buy Bear Stearns in a deal that values the stricken bank's shares at $2 each, with JP Morgan exchanging 0.05473 of each of its shares for one Bear share. 昨天下午看新闻，FT上还在报道Fed和JP Morgan要对Bear注资来救市。今早一进office打开outlook，就看见一封名为JP Morgan snaps up Bear Sterns for $200 million. 一夜之间Bear就这么挂了。 三天前，BEAR的发言人还说，我们没事，大家别担心 两天前，BEAR改口说，our financial positions has significantly deteriorated over the last 24 hours. 股价应声暴跌，一天内一度跌掉57%，后来收盘跌48%，收于30美元。不到半年前，它的股价是120多美元。 57亿美元市值灰飞烟灭。 Feb和JP Morgan紧急决定联合注资。 过了一个周末，Bear就被收购了。收购价：2美元每股。 Bear 的CEO发言说：This transaction represents the best outcome for all of our constituencies based upon the current circumstances，I am incredibly proud of our employees and believe they will continue to add tremendous value to the new enterprise.” 看着好悲凉，被人卖了还得说卖得好。 85年历史的Bear Stearns 位居美国第五大投行的Bear Stearns 身为美国最大mortgage-backed bond underwriter的Bear Stearns 宣称Impatience is a virtue的Bear Stearns 前不久还在积极寻求在大陆发展投行业务的Bear Stearns 在短短72小时内，就尸骨无存了。 像Barings Bank一样，像Salomon Brothers一样，像DLJ一样，像Long-Term Capital Management一样，像两年后的ABN Amro一样，尸骨无存了。 留下的只是教科书的素材，和一段传说。 下一个是谁？ UBS? Merrill？SocGen? 连Goldman也不是免疫的---前几周的报道说他们有11.1billion的loss hide在SPV上。 没有谁是神，连Goldman也不是。 我工作的这半年，是金融界腥风血雨的半年。 90天内，UBS, Merrill Lynch， Citibank三家顶级投行的CEO离职，这是史无前例的。 还是这三家，各自write down超过100亿美元，这也是史无前例的。 Socgen的rogue trader，不声不响给东家赔了72亿，导致55亿美元的紧急注资，也是史无前例的。 07年是UBS史上第一次赔钱，Morgan Stanley 72年历史第一次季度亏损。。。 and the list goes on. 这半年发生的事情，在很多很多年后的教科书上，也会作为非常重要的一个警戒，供后人学习。而Bear Stearns，和下一个Bear Stearns，和下下个Bear Stearns，将很快被人们遗忘。 值得一提的是，07年也是Bear Stearns 84年历史第一次亏损。 是的，Bear Stearns的第一次年度亏损。 在金融界这样volatile的industry，你还能要求什么？ But this is finance: make one mistake and you are history. 华尔街的bull and bear，以后只剩下Merrill的bull了，真孤独。 这半年金融界的跌宕起伏，都将载入史册。身处其中的我，目睹着，体验着，也许也创造着。 想起一句话，生活没有彩排，每一天都是现场直播。 明天的直播，倒下的是谁？ March 12 A Message by George CarlinIsn't it amazing that George Carlin - comedian of the 70's and 80's - could write something so very eloquent...and so very appropriate. A Message by George Carlin: The paradox of our time in history is that we have taller buildings but shorter tempers, wider Freeways , but narrower viewpoints. We spend more, but have less, we buy more, but enjoy less. We have bigger houses and smaller families, more conveniences, but less time. We have more degrees but less sense, more knowledge, but less judgment, more experts, yet more problems, more medicine, but less wellness. We drink too much, smoke too much, spend too recklessly, laugh too little, drive too fast, get too angry, stay up too late, get up too tired, read too little, watch TV too much, and pray too seldom. We have multiplied our possessions, but reduced our values. We talk too much, love too seldom, and hate too often. We've learned how to make a living, but not a life. We've added years to life not life to years. We've been all the way to the moon and back, but have trouble crossing the street to meet a new neighbour. We conquered outer space but not inner space. We've done larger things, but not better things. We've cleaned up the air, but polluted the soul. We've conquered the atom, but not our prejudice. We write more, but learn less. We plan more, but accomplish less. We've learned to rush, but not to wait. We build more computers to hold more information, to produce more copies than ever, but we communicate less and less. These are the times of fast foods and slow digestion, big men and small character, steep profits and shallow relationships. These are the days of two incomes but more divorce, fancier houses, but broken homes. These are days of quick trips, disposable diapers, throwaway morality, one night stands, overweight bodies, and pills that do everything from cheer, to quiet, to kill. It is a time when there is much in the showroom window and nothing in the stockroom. A time when technology can bring this letter to you, and a time when you can choose either to share this insight, or to just hit delete... Remember; spend some time with your loved ones, because they are not going to be around forever. Remember, say a kind word to someone who looks up to you in awe, because that little person soon will grow up and leave your side. Remember, to give a warm hug to the one next to you, because that is the only treasure you can give with your heart and it doesn't cost a cent. Remember, to say, 'I love you' to your partner and your loved ones, but most of all mean it. A kiss and an embrace will mend hurt when it comes from deep inside of you. Remember to hold hands and cherish the moment for someday that person will not be there again. Give time to love, give time to speak! And give time to share the precious thoughts in your mind. AND ALWAYS REMEMBER: Life is not measured by the number of breaths we take, but by the moments that take our breath away. |
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