Bear Stearns Lives On Inside JPMorgan
- Buying the bond-trading shop has elevated JPMorgan to No. 1
- As the largest U.S. bank, JPMorgan’s stock has outpaced peers
Ten Years Later, Bear Stearns Lives on in JPMorgan
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Ten years ago today, JPMorgan Chase & Co. announced it would buy collapsing investment bank Bear Stearns Cos. for pennies on the dollar after a weekend of emergency talks brokered by the government to avert a financial crisis.
The move would become a milestone for Wall Street, but it didn’t hold off the meltdown for long. The collapse of a bigger investment bank -- Lehman Brothers Holdings Inc. -- six months later without any emergency takeover or government bailout tipped global markets into a tailspin. But buying the bond shop has been good for JPMorgan, at least in trading.