Self-regulation plus
Hard regulatory change is needed, but authorities must also make use of banks’ willingness to be tougher on themselves
Bear Stearns
Resources
The collapse of one of Wall Street’s most powerful banks has deepened concerns about the stability of the financial system
JPMorgan seeks fresh acquisitions
JPMorgan Chase remains on the acquisition trail in spite of its recent takeover of Bear Stearns and tough market conditions
Bear told of possible action over bond probe
Quarterly income falls 79% to $115m
House panel questions Bear rescue plan
Hiring of BlackRock scrutinised
Bear Stearns rescue a ‘turning point’
Israel’s Fischer sees start of containment
JPMorgan to merge Bear division
Investment banking tie-up
Related content and features
Comment and analysis
Why the banks make business fume
The recent bail-outs of Northern Rock and Bear Stearns suggest that the state must sometimes roll its frontiers forward to protect the rickety construct that is the market. That will make government interference harder to deflect in future, writes Jonathan Guthrie
The capital blunders that led to Bear’s demise
An Asian bank offered to buy 30 per cent of Bear as recently as January at $100 per share. The management declined, writes William Cohan
Regulation needs more than tuning
Unless you argue that banks should face no capital adequacy regulation, the spread of securitisation demands new liquidity standards and higher capital ratios. Whether you call that ‘stricter regulation’ or ‘keeping regulation up to date’ is semantic, writes Clive Crook
It is time for reflection, not regulation on banking
Everyone insists that something ought to be done to stop this financial crisis recurring. Take a deep breath, everyone. The last time that right-thinking Americans agreed on the need for more regulation as rapidly as possible, we got Section 404 of the Sarbanes-Oxley Act, writes John Gapper
The rescue of Bear Stearns marks liberalisation’s limit
For three decades we have moved towards market-driven financial systems. By its decision to rescue Bear Stearns, the Federal Reserve, the institution responsible for monetary policy in the US, chief protagonist of free-market capitalism, declared this era over, writes Martin Wolf
Video and interactive features
Video: John Authers on Bear and the markets
John Authers discusses a volatile day in US equities, as market-watchers keep an eye on Lehman Brothers
Interactive chart: Bear Stearns in numbers
Track share price and financials and use the interactive chart to analyse broker forecasts, industry peers and key indicators
Video: On the verge of meltdown
Gillian Tett explains why there are tough times ahead for equity markets despite the cut in interbank lending rates and Bear Stearns intevention
More Bear Stearns stories
The Fed and the ‘moral hazard’
Backing of higher bid for Bear at issue
JPMorgan lifts Bear offer fivefold
Legal snags hit original offer
Dimon’s deal sees surprising shift in plans
Surprising climbdown one week after $2 offer
Maverick bank beaten by its biggest bet
Bear had no friends when it needed them
JPMorgan moves to woo top Bear staff
Rivals hold out large bonus offers
Spotlight turns on channels of liquidity
Planned group to assess risk management measures
City still feeling shockwaves of Bear sale
Funding model of smaller lenders vulnerable
Investors bet on rival Bear bids
Share price nearly three times JPMorgan offer
Citic drops $1bn Bear investment
‘Basis and preconditions’ no longer exist
Scramble to calm markets
Fears Bear Stearns may not be last casualty
Few investors escape shockwaves
Pain expected for investors large and small
Shares plunge as market begins repricing
Lehman, UBS and other banks hit
Chaos echoes fears of worst case scenario
Cause was not predicted but many effects have been
Practised hands capture the prize
Latest deal to capitalise on rival’s collapse
Experts speculate on unorthodox measures
Expands role as lender of last resort
Bankers wonder who will be next
Comparisons to crash of 1929
Fears of cross-border European crisis grow
Questions about Europe’s readiness for crisis
Wall Street quakes as the parade passes by
‘It’s like a funeral’ inside Bear Stearns HQ
Bear Stearns: Winners and losers
Cayne, Lewis and staff all caught short
Investors get ready to enter an uglier phase
Few ready conclusions from cost of Bear takeover
