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 of 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 collectibles 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 bankers 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.
US President Donald Trump yesterday announced sweeping "reciprocal tariffs" on US trading partners, including a 32 percent tax on goods from Taiwan that is set to take effect on Wednesday. At a Rose Garden event, Trump declared a 10 percent baseline tax on imports from all countries, with the White House saying it would take effect on Saturday. Countries with larger trade surpluses with the US would face higher duties beginning on Wednesday, including Taiwan (32 percent), China (34 percent), Japan (24 percent), South Korea (25 percent), Vietnam (46 percent) and Thailand (36 percent). Canada and Mexico, the two largest US trading
AIR SUPPORT: The Ministry of National Defense thanked the US for the delivery, adding that it was an indicator of the White House’s commitment to the Taiwan Relations Act Deputy Minister of National Defense Po Horng-huei (柏鴻輝) and Representative to the US Alexander Yui on Friday attended a delivery ceremony for the first of Taiwan’s long-awaited 66 F-16C/D Block 70 jets at a Lockheed Martin Corp factory in Greenville, South Carolina. “We are so proud to be the global home of the F-16 and to support Taiwan’s air defense capabilities,” US Representative William Timmons wrote on X, alongside a photograph of Taiwanese and US officials at the event. The F-16C/D Block 70 jets Taiwan ordered have the same capabilities as aircraft that had been upgraded to F-16Vs. The batch of Lockheed Martin
China's military today said it began joint army, navy and rocket force exercises around Taiwan to "serve as a stern warning and powerful deterrent against Taiwanese independence," calling President William Lai (賴清德) a "parasite." The exercises come after Lai called Beijing a "foreign hostile force" last month. More than 10 Chinese military ships approached close to Taiwan's 24 nautical mile (44.4km) contiguous zone this morning and Taiwan sent its own warships to respond, two senior Taiwanese officials said. Taiwan has not yet detected any live fire by the Chinese military so far, one of the officials said. The drills took place after US Secretary
THUGGISH BEHAVIOR: Encouraging people to report independence supporters is another intimidation tactic that threatens cross-strait peace, the state department said China setting up an online system for reporting “Taiwanese independence” advocates is an “irresponsible and reprehensible” act, a US government spokesperson said on Friday. “China’s call for private individuals to report on alleged ‘persecution or suppression’ by supposed ‘Taiwan independence henchmen and accomplices’ is irresponsible and reprehensible,” an unnamed US Department of State spokesperson told the Central News Agency in an e-mail. The move is part of Beijing’s “intimidation campaign” against Taiwan and its supporters, and is “threatening free speech around the world, destabilizing the Indo-Pacific region, and deliberately eroding the cross-strait status quo,” the spokesperson said. The Chinese Communist Party’s “threats
RSS