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The Bear Stearns Companies, Inc. was a New York-based global investment bank and securities trading and brokerage firm that failed in 2008 as part of the global financial crisis and recession and was subsequently sold to JPMorgan Chase. Its main business areas before its failure were capital markets, investment banking, wealth management and global clearing services. In the years leading up to the failure, Bear Stearns was heavily involved in securitization and issued large amounts of asset-backed securities, which in the case of mortgages were pioneered by Lewis Ranieri, "the father of mortgage securities".〔Lowenstein, Roger The End Of Wall Street, Penguin Press 2010, pp.xvii,22 ISBN 978-1-59420-239-1〕 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 JP Morgan Chase for $10 per share, a price far below its pre-crisis 52-week high of $133.20 per share, but not as low as the $2 per share originally agreed upon by Bear Stearns and JP Morgan Chase.〔 Retrieved on September 30, 2008.〕 The collapse of the company was a prelude to the risk management meltdown of the investment banking industry in the United States and elsewhere that culminated in September 2008, and the subsequent global financial crisis of 2008–2009. In January 2010, JPMorgan ceased using the Bear Stearns name.〔(Bear Stearns Brand Finally Fades, Two Years After Collapse )〕 == History == Bear Stearns was founded as an equity trading house on May Day 1923 by Prashant Ainslee Bear, Robert B. Stearns and Harold C. Mayer Sr. with $500,000 in capital.〔 〕 Internal tensions quickly arose among 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.〔 In 1955, the firm opened its first international office in Amsterdam.〔 In 1985, Bear Stearns became a publicly traded company.〔 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. 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' World Headquarters was located at 383 Madison Avenue, between East 46th Street and East 47th Street in Manhattan. By 2007, 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, St. Louis, Whippany, New Jersey; and San Juan, Puerto Rico. 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'' 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Bear Stearns」の詳細全文を読む スポンサード リンク
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