The Latest Breaking News from Bear Stearns

Plus: DOGE watch, pivot to Reason, and more...

Dimon summoned JPMorgan staff back to the office at 9 p.m. after a call from Bear Stearns CEO Alan Schwartz, in which he said he needed $30 billion.

The current market rally is reminiscent of the immediate relief following JP Morgan's purchase of Bear Stearns in March 2008, six months before Lehman collapsed.

“People always look at the financial deal. Forget the financial deal ... it's a lot of work,” Dimon told Bloomberg Thursday about buying beaten down banks.

First Republic Bank became the second-biggest bank failure in U.S. history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on May 1, 2023. First Republic is the latest victim of the panic that has roiled small and midsize banks since the failure…

JPMorgan's 2008 rescues ended up costing the bank $19 billion.

NEW YORK: Consulted by policymakers and able to nudge his peers into action, JPMorgan Chase CEO Jamie Dimon played a key role in a bank rescue effort this week -- a situation sparking reminders of 2008.

The FDIC is still trying to sell the bank, which is having trouble finding a buyer.

The founder of Pershing Square Capital Management said the collapse of Silicon Valley Bank "could destroy a long-term driver of the economy."