Bears' new lair?

14 March 2008 By Antony Currie Follow @AntonyMCurrie

The investment bank’s woes make finding sanctuary within a larger, wellcapitalised bank a likely endgame. Adviser JPMorgan, conveniently located around the corner in Manhattan, could be top of the list of buyers. There aren t many other options.

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On March 14, Bear Stearns said that it would be receiving emergency funding from JPMorgan Chase and the Federal Reserve Bank of New York.

Shares of Bear were down over 35% in midday trading in New York, as the stock traded below $36 a share.

"We have tried to confront and dispel these rumors and parse fact from fiction," CEO Alan Schwartz said in a press release. "Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated. We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations."

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