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Tue Mar 18th 14:45 PM | Rating: 0 0
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Bear Stearns Given Away, Not Sold

No, BSC was saved from bankruptcy because $2.00 is still better than nothing and if BSC failed, it would likely have taken down the Street. Bear is/was a huge player in the correspondent clearing space and the prime brokerage space. Bear's failure would have temporarily affected the ability of hundreds of firms to trade, since as clearing broker, Bear was the financial counterparty and guarantor to all its clearing firms. Without Bear, no trading for those firms would have happened until those firms moved elsewhere (a length process in a normal environment). Between the absence of the client brokerage firms and hedge funds, this would have removed quite a bit of liquidity from the market, resulting in a market crash. Furthermore, Bear is on the other side of a heck of a lot of CDS swaps. Without their presence, that market would promptly collapse as well. None of this would have been Good. Ergo, the emergency takeover.
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