Www Subprimemortgagemorgage Tag Assumption Subprime Mortgage Mortgage BEAR STEARNS-国际协会/机构- 钢铁百科 - 钢之家 - 钢铁行业百科全书

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Bear Stearns pioneered the securitization and asset-backed securities markets, and as investor losses mounted in those markets in 2006 and 2007, the company actually increased its exposure, especially the mortgage-backed assets that were central to the subprime mortgage crisis. In March 2008, the Federal Reserve Bank of New York provided an emergency loan to try to avert a sudden collapse of the company. The company could not be saved, however, and was sold to JPMorgan Chase for as low as ten dollars per share, a price far below the 52-week high of $133.20 per share, traded before the crisis, although not as low as the two dollars per share originally agreed upon by Bear Stearns and JP Morgan Chase.[1]

The collapse of the company was a key prelude event to the risk management meltdown of the Wall Street investment bank industry in September 2008, and the subsequent global financial crisis and recession.

Overview

Stearns was founded as an equity trading house on May Day 1923 by Joseph Bear, Robert Stearns, and Harold Mayer with $500,000 in capital.[2]. Internal tensions quickly arose between the three founders. The firm survived the Wall Street Crash of 1929 without laying off any employees and by 1933 opened its first branch office in Chicago.[2] In 1933, with the hope of starting a corporate bond business, one of the firm's new partners, Teddy Low recommended that they hire Salim L. Lewis, a twenty-four year old to run it.[3] By 1949, Salim, widely known by his nickname Cy had become the managing partner and prominent figure of the firm.[3] In 1955, the firm opened its first international office in Amsterdam.[2] In 1985, Bear Stearns became a publicly traded company.[2] It served corporations, institutions, governments and individuals. The company's business included corporate finance, mergers and acquisitions, institutional equities, fixed income sales & risk management, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear Stearns Securities Corp., it offered global clearing services to broker dealers, prime broker clients, and other professional traders, including securities lending.[4] Bear Stearns was also known for one of the most widely read market intelligence pieces on the street, known as the "Early Look at the Market - Bear Stearns Morning View".

Bear Stearns' World Headquarters was located at 383 Madison Avenue, between East 46th Street and East 47th Street in Manhattan. The company employed more than 15,500 people worldwide. The firm was headquartered in New York City with offices in Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Irvine, San Francisco, San Juan, Whippany, New Jersey, and St. Louis. Internationally the firm had offices in London, Beijing, Dublin, Frankfurt, Hong Kong, Lugano, Milan, São Paulo, Mumbai, Shanghai, Singapore, and Tokyo.

In 2005-2007, Bear Stearns was recognized as the "Most Admired" securities firm in Fortune’s "America's Most Admired Companies" survey, and second overall in the security firm section. The annual survey is a prestigious ranking of employee talent, quality of risk management and business innovation. This was the second time in three years that Bear Stearns had achieved this "top" distinction.

On March 17, 2008, JP Morgan Chase offered to acquire Bear Stearns at a price of $236 million, or $2 per share. On March 24, 2008, that offer was raised to $1.1 billion or $10 per share in an effort to pacify angry shareholders. JPMorgan Chase completed its acquisition of Bear Stearns on May 30, 2008 at the renegotiated price of $10 per share.

Financials
As of November 30, 2006, the company had total capital of approximately $66.7 billion and total assets of $350.4 billion. According to the April 2005 issue of Institutional Investor magazine, Bear Stearns was the seventh-largest securities firm in terms of total capital.

As of November 30, 2007 Bear Stearns had notional contract amounts of approximately $13.40 trillion in derivative financial instruments, of which $1.85 trillion were listed futures and option contracts. In addition, Bear Stearns was carrying more than $28 billion in 'level 3' assets on its books at the end of fiscal 2007 versus a net equity position of only $11.1 billion. This $11.1 billion supported $395 billion in assets,[5] which means a leverage ratio of 35.5 to 1. This highly leveraged balance sheet, consisting of many illiquid and potentially worthless assets, led to the rapid diminution of investor and lender confidence, which finally evaporated as Bear was forced to call the New York Federal Reserve to stave off the looming cascade of counterparty risk which would ensue from forced liquidation.

Subprime mortgage hedge fund crisis
Main article: 2007 subprime mortgage financial crisis
See also: Subprime lending and Collateralized debt obligation
On June 22, 2007, Bear Stearns pledged a collateralized loan of up to $3.2 billion to "bail out" one of its funds, the Bear Stearns High-Grade Structured Credit Fund, while negotiating with other banks to loan money against collateral to another fund, the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund. Bear Stearns had originally put up just $35 million, so they were hesitant about the bailout, however CEO James Cayne and other senior executives worried about the damage to the company's reputation.[6][7] The funds were invested in thinly traded collateralized debt obligations (CDOs). Merrill Lynch seized $850 million worth of the underlying collateral but only was able to auction $100 million of them. The incident sparked concern of contagion as Bear Stearns might be forced to liquidate its CDOs, prompting a mark-down of similar assets in other portfolios.[8][9] Richard A. Marin, a senior executive at Bear Stearns Asset Management responsible for the two hedge funds, was replaced on June 29 by Jeffrey B. Lane, a former Vice Chairman of rival investment bank, Lehman Brothers.[10]

During the week of July 16, 2007, Bear Stearns disclosed that the two subprime hedge funds had lost nearly all of their value amid a rapid decline in the market for subprime mortgages.

On August 1, 2007, investors in the two funds took action against Bear Stearns and its top board and risk management managers and officers. The law firms of Jake Zamansky & Associates and Rich & Intelisano both filed arbitration claims with the National Association of Securities Dealers alleging that Bear Stearns misled investors about its exposure to the funds. This was the first legal action made against Bear Stearns, though there have been several others since then. Co-President Warren Spector was asked to resign on August 5, 2007, as a result of an ongoing conflict with Cayne. Spector, considered the apparent heir to become CEO, was blamed by Cayne for the failure of the hedge funds. A September 21 report in the New York Times noted that Bear Stearns posted a 61 percent drop in net profits due to their hedge fund losses.[11] With Samuel Molinaro's November 15 revelation that Bear Stearns was writing down a further $1.2 billion in mortgage-related securities and would face its first loss in 83 years, Standard & Poor's downgraded the company's credit rating from AA to A.[12]

Matthew Tannin and Ralph R. Cioffi, both former managers of hedge funds at Bear Stearns Companies, were arrested June 19, 2008. They are facing criminal charges and are suspected of misleading investors about the risks involved in the subprime market. Tannin and Cioffi have also been named in lawsuits brought forth by Barclays Bank, who claims they were one of the many investors misled by the executives.[13][14]

They were also named in civil lawsuits brought in 2007 by investors, including Barclays Bank PLC, who claimed they had been misled. Barclays claimed that Bear Stearns knew that certain assets in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund were worth much less than their professed values. The suit claimed that Bear Stearns managers devised "a plan to make more money for themselves and further to use the Enhanced Fund as a repository for risky, poor-quality investments." The lawsuit said Bear Stearns told Barclays that the enhanced fund was up almost 6% through June 2007 — when "in reality, the portfolio's asset values were plummeting."[15]

Fed bailout and sale to JPMorgan Chase
On March 14, 2008, JP Morgan Chase, in conjunction with the Federal Reserve Bank of New York, agreed to provide (under terms and conditions to be agreed) a (up to) 28-day emergency loan to Bear Stearns in order to prevent the potential market crash that would result from Bear Stearns becoming insolvent.[16] Despite, or because of, this, belief in Bear's ability to repay its obligations rapidly diminished among counterparties and traders. Seeing that the terms of the emergency loan was not enough to bolster Bear Stearns, and worried that a still-floundering Bear would result in systemic losses if allowed to open in the markets on the following Monday, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson Jr. told CEO Alan Schwartz that he had to sell the firm over the weekend, in time for the opening of the Asian market. [17] Two days later, on March 16, 2008, Bear Stearns signed a merger agreement with JP Morgan Chase in a stock swap worth $2 a share or less than 10 percent of Bear Stearns' market value.[18] This sale price represented a staggering loss as its stock had traded at $172 a share as late as January 2007, and $93 a share as late as February 2008. In addition, the Federal Reserve agreed to issue a non-recourse loan of $29 billion to JP Morgan Chase,[19] thereby assuming the risk of Bear Stearns's less liquid assets (see Maiden Lane LLC). This non-recourse loan means that the loan is collateralized by mortgage debt[20] and that the government can not seize J.P. Morgan Chase's assets if the mortgage debt collateral becomes insufficient to repay the loan.[20][21] Chairman of the Fed, Ben Bernanke, defended the bailout by stating that a Bear Stearns' bankruptcy would have affected the real economy[22] and could have caused a "chaotic unwinding" of investments across the US markets.[18]

On March 20, Securities and Exchange Commission Chairman Christopher Cox said the collapse of Bear Stearns was due to a lack of confidence, not a lack of capital. Cox noted that Bear Stearns's problems escalated when rumors spread about its liquidity crisis which in turn eroded investor confidence in the firm. "Notwithstanding that Bear Stearns continued to have high quality collateral to provide as security for borrowings, market counterparties became less willing to enter into collateralized funding arrangements with Bear Stearns," said Cox. Bear Stearns' liquidity pool started at $18.1 billion on March 10 and then plummeted to $2 billion on March 13. Ultimately market rumors about Bear Stearns' difficulties became self-fulfilling, Cox said.[23]

On March 24, 2008, a class action lawsuit was filed on behalf of shareholders, challenging the terms of JPMorgan’s recently announced acquisition of Bear Stearns.[24] That same day, a new agreement was reached that raised JPMorgan Chase's offer to $10 a share, up from the initial $2 offer, that meant an offer of $1.2 billion.[25] The revised deal was aimed to quiet upset investors and any subsequent legal action brought against JP Morgan Chase as a result of the deal as well as to prevent employees, many of whose past compensation consisted of Bear Stearns stock, from leaving for other firms. The Bear Stearns bailout was seen as an extreme-case scenario, and continues to raise significant questions about Fed intervention. On May 29, Bear Stearns shareholders approved the sale to JPMorgan Chase at the $10-per-share price.[26]

Bear Stearns Merchant Banking
Main article: Bear Stearns Merchant Banking
As part of the acquisition of Bear Stearns, JPMorgan Chase acquired several private equity groups within Bear Stearns Asset Management, including:

Bear Stearns Merchant Banking, a $4.4 billion private equity business founded in 1997. In June 2008, it was announced BSMB would spin out of J.P. Morgan[27][28][29] and in November 2008, the firm relaunched as Irving Place Capital.[30][31]
Bear Growth Capital Partners, a growth capital investment group founded in 2003 with a $375 million commitment from Bear Stearns.[32][33] J.P. Morgan hired CCMP Capital to manage the legacy fund[34]
Bear Stearns Private Equity Ltd., renamed J.P. Morgan Private Equity Limited (LSE: JPEL), a publicly traded private equity vehicle making fund of funds and secondary investments[35]
Bear Stearns Health Innoventures, a venture capital fund established to invest in early- to mid-stage health care focused companies with a focus on the biotechnology sector[36]
Constellation Ventures a venture capital group, founded in 1998, making investments in the media, communications, software and services sectors[37]

Major shareholders
The largest Bear Stearns shareholders as of December 2007 were:[38]

Barrow Hanley Mewhinney & Strauss - 9.73%
Joseph C. Lewis - 9.36%
Morgan Stanley - 5.37%
James Cayne - 4.94%
Legg Mason Capital Management - 4.84%
Private Capital Management - 4.69%
Barclays Global Investors - 3.60%
State Street 3.01%
Vanguard Group - 2.67%
Janus Capital Management - 2.34%
Legg Mason Funds Management - 1.95%
Fidelity Management- 1.93%
Putnam Investment Management - 1.90%
Neuberger Berman - 1.55%
UBS - 1.54%

贝尔斯登公司简介
成立时间:1923
总部地点:美国纽约市
产业:投资
主营业务:金融服务、投资银行、投资管理
年营业额:US$16.551 billion (11/2006)
员工数:13,566 (11/2006)
贝尔斯登银行董事长兼首席执行官:James E. Cayne
　　贝尔斯登公司(Bear Stearns Cos.)(纽约证券交易所代码:BSC)成立于1923年,全球最大的投资银行与证券交易公司之一,贝尔斯登公司是美国华尔街第六大投资银行,系全球500强企业之一主要从事资本市场、财富管理等领域的金融服务。总部位于美国纽约市,是美国华尔街第六大投资银行,系全球500强企业之一,是一家全球领先的金融服务公司,为全世界的政府、企业、机构和个人提供服务。公司业务涵盖企业融资和并购、机构股票和固定收益产品的销售和交易、证券研究、私人客户服务、衍生工具、外汇及期货销售和交易、资产管理和保管服务。Bear Stearns还为对冲基金、经纪人和投资咨询者提供融资、证券借贷、结算服务以及技术解决方案。

　　美资大行贝尔斯登或许不是资产规模最大的投行——它的规模仅仅在美国排名第六,但却是近几年华尔街最赚钱的投行。

　　根据报告显示,贝尔斯05年第一财政季度盈利增长5%,主要是债券、结算及财富管理业务收入增长带动.在二月二十八号结束的第一财季,贝尔斯登有盈利3亿7900万美元,每股盈利由上年度同期的2.57美元上升至2.64美元,高于巿场平均预测的2.36美元.营业收入上升6.5%,升至18亿4千万美元.其中,结算业务收入增加20%,财富管理业务收入增加11%.

　　在2005年四季度的公告中,彭博社数据显示,由于出售服装零售商NewYork&Co带来特殊收益,美国第六大证券商贝尔斯登截至十一月底止第四季多赚百分之二十二,纯利由去年同期的二点八八亿美元增加至三点五二亿美元,或每股盈利为二点六一美元,连续第三季创出新高,期内的营业额增长两成至十八点三亿美元。分析员原本预期贝尔斯登第四季盈利只有二点九一亿美元。贝尔斯登过去五季业绩平均高出分析员预测百分之二十。

　　而早在2003年,贝尔斯登就因占领抵押保证证券业务(collateralized mortgage obligations,CMO)的主要市场,贝尔斯登(Bear StearnsCos.)的税前利润超过高盛和摩根士丹利,成为全球盈利最高的投资银行。