On Sunday, Bear Stearns agreed to be purchased by J.P. Morgan Chase for $2 a share, or about $236 million. Bear's shares were going for $170 a year ago.J.P. Morgan said it would guarantee trading obligations of Bear Stearns and its subsidiaries.J.P. Morgan Chase stands behind Bear Stearns,said Morgan CEO Jamie Dimon. Bear Stearnss clients and counterparties should feel secure that J.P. Morgan is guaranteeing Bear Stearnss counterparty risk.Using J.P. Morgan as an intermediary, the Federal Reserve invoked a Depression-era provision on Friday that would give troubled securities firm Bear Stearns access to emergency funding.Bear's shares fell 47% to $30 on the news Friday, sending the Dow Jones Industrial Average tumbling nearly 195 points. Bankers and officials scrambled to arrange a deal over the weekend before the markets opened Monday.Bear CEO Alan Schwartz said the deal "represents the best outcome for all of our constituencies based upon the current circumstances.
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As judges have shown in other recent cases involving UBS and Stifel, firms have a high bar to clear if they want an arbitration award vacated.
May 1 -
In an unusual development, LPL saw its advisor total decline slightly in the first quarter. And client assets brought in through advisor recruiting were down 55% year over year.
May 1 -
Still, the number of widows who leave advisors is three times higher than the industry average. It doesn't have to be that bad.
May 1 -
The new money will be used primarily to pay off investors who provided capital when Reverence first bought a majority stake in the former Advisor Group in 2019.
April 30 -
When the same buzzwords — "fiduciary," "holistic," "goals-based," "client-driven" — appear on most wealth firms' websites, they do little to help firms stand out in a crowded market, experts say. There are, however, tactics that work.
April 30 -
The influential planning entrepreneur and the FPA are leading an effort to change a tiered fee structure for continuing education providers that started three years ago.
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