During this financial crisis, many Americans turned their collective anger toward Wall Street. Geoffrey Raymond has turned this anger into street art.
The government let Lehman Brothers fail during the financial crisis because there was no other choice, former Treasury Secretary Henry Paulson said Wednesday.
Bear Stearns' Alan "Ace" Greenberg, a former chief executive who currently serves as chair of its executive committee, told CNBC that the liquidity rumors surrounding the company are "totally ridiculous."
Three days before announcing that Bear Stearns' financial situation had substantially worsenend, chief executive Alan Schwartz told CNBC he is not aware of any imminent threat to the Wall Street investment bank's liquidity.
China's CITIC Securities said on Saturday it could not guarantee it would complete a deal to invest about $1 billion in Bear Stearns given the U.S. investment bank's financial crisis.
U.S. Treasury Secretary Henry Paulson said on Sunday he was pleased with the deal forJ.P. Morgan Chase to buy Bear Stearns and with the Federal Reserve's latest actions to enhance market stability.
The $2-a-share, fire sale deal comes with an assist from the Federal Reserve and the Treasury amid growing concern about the deepening credit crisis.
The combination rescue-fire sale package of Bear Stearns happened so quickly and involves so much unknowns about its balance sheet, analysts struggled to put its role in the credit crunch into perspective.
Bear Stearns' stunning collapse destroyed hundreds of millions of dollars in employee wealth, and those employees are nervously contemplating the future.