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Investment bank's Waterloo not mour006Eed by rivals; BEAR STEARNS.(Business)
- Article from:
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The Birmingham Post (England)
- Article date:
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March 19, 2008
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Copyright informationCOPYRIGHT 2008 Birmingham Post & Mail Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Wall Street is unlikely to shed many tears over the swift downfall of Bear Stearns, a hard-nosed firm that made few friends since its founding in 1923.
Forced to seek help from the Federal Reserve and JPMorgan Chase, the "sharpelbowed" firm did not come away with much - just EUR260 million in JPMorgan's stock, a small fraction of Bear's market value just a week ago.
Some on Wall Street regard this as just comeuppance for a firm notorious for arrogance and a penchant for making enemies.
"The feeling was this is a bit of payback coming to a firm that seemed to be ...
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