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.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS