Welcome back to Dry Powder. In today’s issue, a close look at how UBS’s Swiss-government-assisted acquisition of Credit Suisse is, in many ways, a funhouse-mirror version of JPMorgan Chase’s Fed-assisted deal for Bear Stearns. The idiosyncrasies of this deal—and there are many—could forever change Wall Street.
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Happy Wednesday. I’m Bill Cohan.
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Welcome back to Dry Powder. In today’s issue, a close look at how UBS’s Swiss-government-assisted acquisition of Credit Suisse is, in many ways, a funhouse-mirror version of JPMorgan Chase’s Fed-assisted deal for Bear Stearns. The idiosyncrasies of this deal—and there are many—could forever change Wall Street.
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| Fifteen years ago, just as it was beginning to look like Bear Stearns was about to go down the tubes, I remember thinking of that old Hemingway line about bankruptcy from The Sun Also Rises, how it happens “gradually, then suddenly.” After a prosperous 85-year run on Wall Street, some of Bear Stearns’ debt was trading at around 30 cents on the dollar. And its equity, which had traded as high as $171 a year earlier, was collapsing. The confluence of these events revealed to the markets that Bear’s bankruptcy was imminent. In fact, as I know from reporting my 2009 bestseller, House of Cards, Bear was ready to go kaput that March of 2008. The bankruptcy papers had already been drawn up... |
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