HOUSE_OVERSIGHT_012073.jpg
1.14 MB
Extraction Summary
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Document Information
Type:
Financial report / corporate publication
File Size:
1.14 MB
Summary
This document is page 2 of a report titled 'Active Stewardship in Financial Services' by Rockefeller & Co., bearing a House Oversight Bates stamp. The text reflects on the 2008 Global Financial Crisis, specifically citing the sale of Bear Stearns to J.P. Morgan in March 2008 as a catalyst. It discusses the lingering lack of public trust in the financial sector due to issues like opaque counterparty exposure and lack of transparency, noting that this was written 'nine years ago' relative to the event (implying a 2017 date).
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Rockefeller & Co. |
Company logo and name in header
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| Bear Stearns |
Mentioned as the bank sold in 2008 triggering the crisis
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| J.P. Morgan |
Purchaser of Bear Stearns
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| House Oversight Committee |
Implied by Bates stamp HOUSE_OVERSIGHT
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Timeline (2 events)
Relationships (1)
Bear Stearns... was sold to J.P. Morgan
Key Quotes (2)
Full Extracted Text
Complete text extracted from the document (1,176 characters)
ROCKEFELLER & CO.
Active Stewardship
Nine years ago, in mid-March, Bear Stearns, which in 2007 traded at over $125 per share, was sold to J.P. Morgan for $10 per share in a transaction that many mark as the beginning of, what we now know as, the Global Financial Crisis of 2008. While it is said that the passage of time heals all wounds, the disastrous contagion across the global financial landscape, the collapse of numerous large financial institutions and the loss of public trust in the financial services sector remains on the minds of many. Whether it was opaque counterparty exposure, excessive leverage, insufficient risk management, or a lack of corporate transparency, we now know that these factors in combination led to the near collapse of the entire global financial system. While the financial markets have moved well beyond that terrible day in March of 2008, the public trust of a very large sector of the global economy is still severely marred due to continued bad behavior, lack of corporate transparency, accountability and proper risk management, as well as risky business practices.
ACTIVE STEWARDSHIP IN FINANCIAL SERVICES 2
HOUSE_OVERSIGHT_012073
HOUSE_OVERSIGHT_012073
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