Yeyiphi iBhanki eyaKhusela ukuCalulelwa kwaqala ukuKhuphela okuKhulu
Ukuhaha kwawo kwaxoshelwa kwishishini le- hedge fund . Oku kwabangela ukuphela kwayo ngo-Matshi 2008, ukukhaba ingxaki yezimali ka - 2008 .
Gweba ixesha
Ngomhla ka-Ephreli 2007, abathengisi bebhondi baxelele abaphathi be-Bear Stearns i-hedge funds ukuze babhale ukubaluleka kweempahla zabo. Iimali, i-High-Grade Structured-Credit Credit Strategies Fund kunye ne-Brother's Enhanced Leverage Fund, ene-$ 20 yezigidi ezixhomekeke kwizibophelelo zetyala . Ezi zinto zivela , ngokusekelwe kwiziqinisekiso zokubambisa imali . Baqala ukulahlekelwa xabiso ngoSeptemba 2006 xa amaxabiso ezindlu aqala ukuwa. Ukufumana okungakumbi, jonga iNkcitho yeNgxowa-mali ye-Subprime .
Ngomhla ka-Meyi 2007, i-Increased Leverage Fund yamemezela ixabiso layo lilahlekelwe ngamaphesenti angama-6.75. Kwiiveki ezimbini kamva zahlaziywa ukuba ukulahlekelwa kweepesenti ezingama-18. Abatyalomali baqala ukukhupha imali yabo. Emva koko iibhanki zebhanki zibiza ngemali mboleko. Ikhamphani yabazali i-Bear Stearns ikhiphe ukunika imali ngemali ye-hedge fund, ithengise i-$ 3.6 billion kwiimpahla zayo.
Kodwa uMerrill Lynch akaqinisekanga. Kwakudinga ukuba i-fund iwanike ii-CDO njengezibambiso zemboleko. UMerrill wachaza ukuba uza kuthengisa i-$ 850 yezigidi ezixabisa ngaloo mva. Kodwa ikwazi ukukhulula kuphela i-$ 100 yezigidigidi. (Umthombo: "Iifom ezimbini ezinkulu kwi-Bear Stearns Face Shutdown," i-Wall Street Journal, ngoJuni 20, 2007.)
I-Bear Stearns yavuma ukuthenga i-securities evela kuMerrill kunye nabanye ababolekisi nge-$ 3.2 billion. Ikhuphe i-hedge fund engaphumeleli ukukhusela igama layo. (Umthombo: "I-$ 3.2 Billion Ehamba nge-Bear Stearns yokuhlangula i-Hedge Hedge Fund," I-New York Times, ngoJuni 23, 2007.)
NgoNovemba ka-2007, iWall Street Journal yashicilela inqaku eligxeka i-CEO ye-Bear. Utshutshisa uJacob Cayne wokudlala ibhuloho nokubhema esikhundleni sokuba agxile ekusindiseni inkampani. Eli nqaku liye lalimaza u-Bear Stearns.
NgoDisemba 20, 2007, u-Bear Stearns wamemezela ukulahleka kwakhe kokuqala kwiminyaka engama-80. Ilahlekelwe yi-$ 854 yezigidi kwikota yesine. Ivakalise i-1.9 yezigidigidi zeebhiliyoni zokubhalwa kwezindlu zangaphandle. U-Moody wanciphise ityala layo ukusuka ku-A1 ukuya ku-A2. Utshintshwe i-CEO uCayne kunye no-Alan Schwartz. (Umthombo: "Bear Stearns Co." I-New York Times.)
Ngomhla kaJanuwari 2008, i-Moody's downgraded Bear-backed securities-backed to B okanye ngaphantsi. Kwakukho ubungqina bokubambisana . Ngoku uBhere wayebhekene nobunzima bokuphakamisa imali eyaneleyo ukuze aqhubeke ehamba.
Ukuhlawula
NgoMvulo, ngo-Matshi 10, 2008, uSchwartz wacinga ukuba wayesombulule ingxaki ye-hedge fund. Wayesebenza kunye nababhanki be-Bear ukuba babhale phantsi imali. I-Bear yayinezigidi ezili-18 zeebhiliyoni ezikhuselekileyo. (Umthombo: "Ukuzisa i-Down Bear Stearns," iVanity Fair, ngo-Agasti 2008.)
Ngomhla we-11 kuMatshi 2008, i- Federal Reserve yamemezela iMigangatho yokuThengisa iMali yokuThengiswa kweMigangatho. Yanike iibhanki ezifana ne-Bear nesiqinisekiso semboleko. Kodwa abatyali-mali babecinga ukuba lo mzamo uzama ukukhwela iBire. Ngaloo mini, i-Moody's Downgraded Bear ye-MBS kumanqanaba eB no-C. Ezi zimbini ziganeko zenze ibhanki endala ibanjwe kwi-Bear Stearns. Abathengi bayo bakhupha imali yabo kunye nokutyalomali. (Umthombo: "Umda we-Bear Stearns," i-Motley Fool, ngoMatshi 15, 2013.)
Ngo-7: 45 ntambama ngo-Matshi 13, i-Bear Stearns yayinayo i-$ 3.5 billion eyishiywe ngemali. Kwenzeka njani ukuba kwenzeke ngokukhawuleza kangaka? Njengamanye amabhanki eWall Street, iBere ixhomekeke kwiimali-mboleko zexesha elifutshane ezibizwa ngokuba zizivumelwano zokuthengwa. Yathengisa iziqinisekiso zayo kwezinye iibhanki ngenkokhelo. Isivumelwano esibizwa ngokuba yi-repo isivumelwano sahlala phi ukususela ngobusuku bonke ukuya kwiiveki ezimbalwa. Xa i-repo iphelile, iibhanki zazitshintsha nje ukuthengiselana.
Umboleki-mali wenza i-premium ye-2-3% ngokukhawuleza kwaye kulula. I-Bear ibhekele imali xa ezinye iibhanki zibiza kwi-repos yazo kwaye zange zenze imali. Akukho mntu wayefuna ukunamathela kwii-secured securities ze-Bear.
I-Bear yayingenayo imali eyaneleyo yokuvula ibhizinisi kusasa olulandelayo. Yayibuza ibhanki layo, uJP Morgan Chase, ukuba i-$ 25 yezigidigidi zeentengo zemali ebusuku. I-CEO ye-Chase uJamie Dimon idinga ixesha elingakumbi lokuphanda ixabiso lika-Bear ngokwenene ngaphambi kokuzibophezela. Wabuza i-New York Federal Reserve ibhanki ukuqinisekisa ukuboleka kweso sikhwama ukuze iBhodi ivule ngoLwesihlanu. Nangona kunjalo, intengo ye-Bear yehliswe xa iimarike zivuliwe ngosuku olulandelayo. (Umthombo: "Ngaphakathi kwe-Fall Stearns," i-Wall Street Journal, ngoMeyi 9, 2009.)
Ngeloveki, uChase waqonda ukuba i-Bear Stearns yayixabisa i-$ 236 yezigidi kuphela. Kwakuyinto enye-yesihlanu kwindleko yesakhiwo sayo sekomkhulu. Ukuxazulula le ngxaki, i-Federal Reserve yabamba intlanganiso yeveki yokuqala yokuphucula i-weekend kwiminyaka engama-30.
I-Fed yenze i-$ 30 yezigidigidi ukuya kwi-Chase ukuthenga i-Bear. I-Chase inokungagqibekanga kumbolekisi ukuba i-Bear ayinalo iimpahla ezaneleyo zokuyihlawula. Ngaphandle kokungenelela kwe-Fed, ukungaphumeleli kwe-Bear Stearns kunokusasazeka kwezinye iibhanki zotyalo-mali. Ezi ziquka iMerrill Lynch, Lehman Brothers kunye neCitigroup. (Umthombo: "I-JP Morgan Chase ithatha ii-Stearns ezinzima kwi-Bear Stearns" I-Economist, ngo-Matshi 18, 2008. "I-Fed ayiphumeli ukuCima umthamo weMatyala," i-Mish ye-Global Economic Trend Analysis, ngoMatshi 17, 2008.)
Impact
Ukupheka kwe-Bear kwaqalisa ukusazela kwiWall Street. Amabhanki aqonda ukuba akukho mntu wazi apho kukho ityala elibi lingcwatywa khona kwiipotifoliyo zamanye amagama ahloniphekileyo kwi shishini. Oku kubangele i- banking crisis crisis , apho amabhanki engafuni ukuboleka omnye nomnye.
I-CEO ye-Chase uJamie Dimon uyazisola ekuthengeni i-Bear Stearns kunye nelinye ibhanki elingekho, iWashington Mutual . Zindleko zombini Zichitha iibhiliyoni ezingama-13 kwizigidi zemali. Ukukhupha i-Bear's failed trading trades cost Chase enye i-$ 4 billion. Okubaluleke kunabo bonke, kutsho uDimon, ukulahleka kootyalo-zimali njengoko uChase wathatha impahla ye-Bear. Ukudandatheka kwe-stock ye-stock ye-Chase ubuncinane ubuncinane iminyaka eyisixhenxe. (Umthombo: "I-Dimon ithi Bear Stearns Iingcamango ezimbi," iNew York Post, ngo-Ephreli 9, 2015.)