18 years ago today, Bear Stearns collapsed
At its peak, it was one of the most powerful banks on Wall Street with a valuation of $20B
Its collapse set off a crisis that wiped out $19 trillion in American household wealth:
β’ 85-year-old bank β erased in 72 hours
β’ Stock: $170/share β sold for $2 to JPMorgan
β’ Employees: 14,000 β retirement accounts wiped overnight
β’ The Fed brokered the emergency deal over a single weekend
β’ This was just the beginning β Lehman fell 6 months later
even 500 300 200 year old empire can vanish just like that !!!