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 $20BIts collapse set off a crisis that wiped out $19 trillion in American household wealth:• 85-year-old bank → erased in 72 hours• Stock: $170/share → sold for $2 to JPMorgan• Employees: 14,000 → retirement accounts wiped overnight• The Fed brokered the emergency deal over a single weekend• This was just the beginning → Lehman fell 6 months laterAmerica woke up Monday and the world had changed
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