Bear Stearns staff selling memorabilia to raise funds

Bear Stearns' go-getting investment bankers used to chase million-dollar deals, but staff at the now hard-up Wall Street bank have resorted to auctioning off Bear Stearns-branded memorabilia to raise funds.

Bear Stearns workers have put a range of mementos up for sale online at eBay in recent days following the rapid demise of one of the US' largest investment banks, which fell victim to a credit crunch sweeping the financial markets.

"Be the first to get your paws on classic Bear Stearns memorabilia," touts the description for one of several stuffed toy bears on sale at a bargain US$5.50.

"Do not delay -- bail a Bear out today!" the ad urges, adding that the first bear purchased comes with a free New York skyscraper worth around US1 billion, depending on availability.

Bear Stearns agreed to sell itself last Sunday to JPMorgan Chase for a paltry US$236 million, after rival banks stopped trading with it, in a deal that shocked many Wall Street veterans.

The takeover deal included Bear Stearns' corporate headquarters, which analysts believe is worth about US$1 billion.

Many the bank's 14,000 staff are expected to lose their jobs as a result of its downfall, and the ad for the toy bear warned that potential purchasers would have to pay up front.

Other being touted include white T-shirts emblazoned with: "I invested my life savings in Bear Stearns and all I have left is this lousy T-shirt."

A medium-sized T-shirt can be bought for US$17.99, a Bear Stearns cafeteria card is offered for sale at a mere US$0.11.

A bank identification card holder can be snapped up for just US$0.01.

Budding meanwhile might be tempted to rifle through their small change for one of the last Global Equity Research reports that was issued by Bear Stearns, also priced at a tempting US$0.01.

The report, dated March 12, offers insights into the weak dollar, skyhigh crude oil prices and possible future tax hikes.

Wall Street treasure hunters can also shop online for Bear Stearns-branded bags, fleece jackets, golfing jackets, towels and corporate posters among other items.