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:
โข 85-year-old bank โ erased in 72 hours
โข Stock: $170/share โ sold for $2 to JPMorgan
โข Employees: 14,000 โ retirement accounts wiped overnight
โข The Fed brokered the emergency deal over a single weekend
โข This was just the beginning โ Lehman fell 6 months later
America woke up Monday and the world had changed
BREAKING: The Supreme Court is allowing President Trump to move forward with an executive order mandating a restructure of federal agencies and mass layoffs of federal workers. https://t.co/EYZygrTgTG
BREAKING: The Supreme Court is allowing President Trump to move forward with an executive order mandating a restructure of federal agencies and mass layoffs of federal workers. https://t.co/EYZygrTgTG