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.
 |
 |
|
|
Happy Wednesday. I’m Bill Cohan.
|
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.
Can’t see the full story? You’re receiving the free version of Dry Powder at . For full access to Puck, and to each of my colleagues, you can subscribe here.
|
|
|
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... |
|
|
|
|
FOUR STORIES WE’RE TALKING ABOUT |
 |
|
 |
Biden vs. the “Blob" |
D.C. foreign policy insiders are growing exasperated with Biden’s Ukraine strategy. |
JULIA IOFFE |
|
 |
The Netflix Superpower |
A surprise hit reveals the streamer’s nonpareil distribution capability. |
JULIA ALEXANDER |
|
 |
|
|
|
|
|
 |
|
Need help? Review our FAQs
page or contact
us for assistance. For brand partnerships, email ads@puck.news.
|
|
Puck is published by Heat Media LLC. 227 W 17th St New York, NY 10011.
|
|
|
|
SEE THE ARCHIVES