What does ear stearns mean?
Bear Stearns is/was the name of a prominent New York investment bank/brokerage house. Bear Stearns was named for its two most significant founders, Joseph Bear and Robert Stearns. Bear Stearns got into trouble in the last week and went to the Federal Reserve over the weekend with severe liquidity problems. The Fed helped arrange a deal wherein J.P. Morgan (a major commercsial bank and investment house) offered to back all of Bear Stearns liabilities (except for $30 Billion covered by the Fed) in a take-over bid at $2 per share. This may have been the deal of the century as Bear Stearns had been valued as high as $200 per share within the last year. For a fuller story, see the link below.
