Kubva Bhengi Rakaponeswa Kuora Mwoyo kwakatanga Sei Kubva Kudzoka
Makaro ayo akaiendesa mubazi rehedge fund . Izvozvo zvakaita kuti kupera kwayo kuve muna March 2008, kukanganisa dambudziko remari ra2008 .
Collapse Timeline
MunaEpril 2007, vatengesi vezvisungo vakataurira vatungamiri veE Bear Stearns hedge mari yekuti vanofanira kunyora pasi kukosha kwezvinhu zvavo. Mari, High-Grade Structured-Credit Strategies Fund uye hama yake Enhanced Leverage Fund, ine $ 20 biliyoni muzvikwereti zvinokonzera chikwereti . Izvi zvakagadziriswa zvaive, zvichibva pakachengetwa kwekodzero-yakatsigirwa . Vakatanga kukanganisa kukosha munaSeptember 2006 apo matengo eimba akatanga kuwira. Kune zvakawanda, ona Subprime Mortgage Crisis .
Muna Mbudzi 2007, iyo Enhanced Leverage Fund yakaratidza kuti imari yayo yakarasika 6.75 muzana. Vhiki mbiri gare gare yakavandudza kuti kusvika 18 muzana kurasika. Vatengesi vakatanga kutora mari yavo. Zvadaro mabhengi emari aya akadana muzvikwereti zvavo. Kambani yemubereki Bear Stearns yakatsvaga kuti ipe mari yehedge fund, kutengesa madhora 3.6 mabhiriyoni mune zvayo.
Asi Merrill Lynch haana kuvimbiswa. Yakaida mari yacho kuti ipe CDOs sechikwata chechikwereti chayo. Merrill akazivisa kuti inotengesa madhora 850 emadhora masikati iwayo. Asi iyo inogona kungozotora $ 100 mabhiriyoni. (Ikoko: "Two Big Funds pa Bear Stearns Face Shutdown," The Wall Street Journal, June 20, 2007.)
Bear Stearns yakabvumirana kutenga zvigwaro kubva kuna Merrill nevamwe vanokwereta $ 3.2 biliyoni. Yakarambidza chikwereti chakakundikana chekuchengetedza mukurumbira wayo. (Kubva: "$ 3.2 Bhiriyoni Inofambiswa neCheck Stearns Yokununura Hailed Hedge Fund," The New York Times, June 23, 2007.)
MunaNovember 2007, Wall Street Journal yakabudisa nyaya inotsoropodza CEO ye Bear. Yakapomera James Cayne yekutamba bhiriji uye kusvuta pfu panzvimbo yekuisa pfungwa yekuchengetedza kambani. Nyaya yacho yakaramba ichikuvadza Bear Stearns 'mukurumbira.
Musi waDecember 20, 2007, Bear Stearns yakazivisa kurasikirwa kwayo kwekutanga mumakore 80. Yakarasikirwa ne $ 854 mamiriyoni kwekota yechina. Yakabudisa $ 1.9 mabhiriyoni kunyorwa-pasi kwe subprime mortgage holdings. Moody akaderedza chikwereti chake kubva paA1 kusvika kuA2. Inotora nzvimbo yakasimudzwa CEO Cayne naAlan Schwartz. (Inobva: "Bear Stearns Co." New York Times.)
MunaJanuary 2008, Moody's downgraded Bear's mortgage-backed securities kusvika B kana pasi. Icho chaiva chisungo chisina kukodzera. Iye zvino Kutakura kwaiva nekutambudza kukwidza mari yakakwana kuti urambe iripo.
Bailout
Musi weMuvhuro, March 10, 2008, Schwartz akafunga kuti akanga asarudza dambudziko rehedge fund. Akange achishanda na Bear's bankers kuti anyore chikwereti. Kutakura kwaiva ne $ 18 mabhiriyoni mumari. (Kubva: "Kuburitsa Mitsipa," Vanity Fair, August 2008.)
Musi waMarch 11, 2008, Federal Reserve yakazivisa mitemo yayo Securities Lending Facility. Yakaisa mabhenji seChirungu chechikwereti. Asi vatengesi vakafunga kuti ichi chaiva chifukidzo chakafukidzirwa kubhadhara Bear. Zuva rimwechete, Moody's downgraded Bear's MBS kuB naC mazinga. Izvo zviitiko zviviri zvakakonzera bhenekeri rekare rinomhanya pa Bear Bear. Vashandi varo vakatora mari yavo uye mari. (Mhedziso: "Nguva Yakareba ye Bear Bear," Motley Fool, March 15, 2013.)
Pa7: 45 masikati musi waMarch 13, Bear Stearns 'chete yakanga ine $ 3.5 mabhiriyoni yakasara mumari. Zvakaitika izvi zvakakurumidza sei? Kufanana nemamwe mabhanga eWall Street, Bear yakavimbiswa zvikwereti zvenguva pfupi zvinodhura zvibvumirano zvekudzikinura. Yakatengesa mabhizimisi ayo kune mamwe mabhangi kuitira mari. Chibvumirano chinonzi repo repo chakatora chero kupi zvako kubva usiku humwe kusvika kune vhiki shomanana. Apo repo yakazoguma, mabhenji akangochinja mutengesi.
Mukwereti akawana nekukurumidza uye nyore 2-3 percent premium. Kutakura mari yakawanda apo mamwe mabhanga akadana muzororo yavo uye akaramba kubhadhara mari yakawanda. Hapana munhu aida kubatisirwa kuchengetedzwa kwekutakura kweTy Bear.
Chikwata chakanga chisina mari yakakwana yekuzarura bhizimisi mangwanani anotevera. Yakabvunza bhanhire rayo, JP Morgan Chase, kune $ 25 biliyoni pamusika wekukwereta. Chase CEO Jamie Dimon aida nguva yakawanda yekutsvakurudza Bear's real value asati aita kuzvipira. Akakumbira bhishopu reNew York Federal Reserve kuti atsigire chikwereti kuitira kuti Bear inogona kuzarurwa musi weChishanu. Kunyange zvakadaro, Bear's stock price rakapera apo misika yakazaruka zuva rinotevera. (Inobva: "Mukati Kwokuparadzwa kweBearing Stearns," The Wall Street Journal, May 9, 2009.)
Mugovera wevhiki, Chase akaziva Bear Stearns yairema $ 236 mamiriyoni chete. Icho chaingova chechimwe chete-chechishanu kukosha kwechivako chekumba kwayo. Kuti agadzirise dambudziko racho, Federal Reserve yakaronga musangano wayo wekutanga wekupedzisira kwemavhiki ekuma 30.
Kudyidzana kwakakweretesa kusvika $ 30 mabhiriyoni kuenda kuChese kunotenga Bear. Chase inogona kusakirwa pane chikwereti kana Bear yakanga isina mari yakakwana yekuripa. Pasina kupindira kweFed, kukundikana kwe Bear Bear kunogona kupararira kune dzimwe mabhizimusi ekutsvaga mari. Izvi zvaisanganisira Merrill Lynch, Lehman Brothers naCitigroup. (Kubva: "JP Morgan Chase Inotora Zvokutakura Zvokutambudza" The Economist, March 18, 2008. "Fed inokundikana kukonzera chikwereti kuMatekete," Mish's Global Economic Trend Analysis, March 17, 2008.)
Impact
Kutya kwekutakura kwakatanga kutya paWall Street. Mabhandi akaziva kuti hapana munhu aiziva kupi uko chikwereti chakaipa chakavigwa mukati mezvikwereti zveimwe mazita airemekedzwa mubhizinesi. Izvi zvakakonzera dambudziko rekubhadhara mari yebhengi , umo mabhenji asina kuve achida kupa chikwereti kune mumwe nemumwe.
Chase CEO Jamie Dimon kuzvidemba kunotenga zvose Bear Stearns uye imwe yakakundikana bhengi, Washington Mutual . Zvose zvinodhura Shandisa $ 13 mabhiriyoni mumitemo yepamutemo. Kufuridzira up Bear inokundikana kutengesa mari inotengesa imwe $ 4 biliyoni. Chimwe chakanaka pane zvose, anodaro Dimon, kurasikirwa kwekutya mari kwevatori venyika sezvo Chase akatora pa Bear's sketchy assets. Iyo yakaora mwoyo Chase yematengo emari kwemakore manomwe. (Ikoko: "Dimon Inoti Bear Stearns Mamiriro Akashata," New York Post, Kubvumbi 9, 2015.)