Morgan Chase & Co (NYSE: JPM) has agreed to pay roughly USD500m to settle a class-action lawsuit over nearly USD18bn worth of poor mortgage-backed securities sold by Bear Stearns Cos.
, the WSJ has reported, citing a court document and a person familiar with the matter.
JPMorgan has said most of its mortgage-backed securities came from Bear Stearns Cos.
and Washington Mutual Inc., troubled companies that JPMorgan acquired in 2008.
Now, in Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself, Bair takes us inside the rough-and-tumble world of Washington decision-making and we learn for the first time about many fateful, life-or-death decisions concerning securities firms, thrifts and banks--including The Bear Stearns Cos.
Inc., Lehman Brothers Holdings Inc., IndyMac Bank, Washington Mutual Bank and Wachovia--that fell like dominoes.
After earning a Bachelor's degree in finance at NYU and an MBA at Harvard, Paulson toiled in the financial world, working at Bear Stearns Cos.
, Odyssey Partners and Gruss Partners, before starting his eponymous Paulson & Co.
As the subprime mortgage crisis began to trigger losses in bank portfolios, Bernanke used emergency authority last year to purchase securities from Bear Stearns Cos.
and facilitate its merger with JPMorgan Chase & Co.
At the onset of the continuing massive corporate meltdowns, the Justice Department unveiled indictments against two former hedge-fund senior managers for Bear Stearns Cos.
, citing fraud and conspiracy.
GoldmanEoe1/4aos trading revenue in 2009 will top its 2007 record as the firm profits from reduced competition after the collapse of rivals, including Lehman Brothers and Bear Stearns Cos.
, according to Bank of America analyst Guy Moszkowski in New York.
-69 109.23 KeyCorp -64 99.98 Bear Stearns Cos.
N/A 96.08 CIT Group -87 90.25 Sovereign Bancorp -79 84.75 Loews Corp.
government orchestrated the sale of Bear Stearns Cos.
, the fifth-largest brokerage, to JPMorgan Chase & Co.
government stepped in to rescue the mortgage giants Fannie Mae and Freddie Mac just last week, and had used federal guarantees to midwife the sale of the Bear Stearns Cos.
earlier this year.
A week that opened with fearful questions over the soundness of the financial system following the near collapse of Bear Stearns Cos.
ended on a more upbeat note, thanks in large part to the Fed's efforts to inject both liquidity and calm into the markets.
Stocks plummeted after the New York Fed and JPMorgan Chase & Co stepped in with short-term financing for Bear Stearns Cos.
, the fifth-largest US investment bank.