Whither Bear's Chinese Billion?

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Market Movers

by Ryan Avent

Main

The Death of the Moral Hazard Play Did the Fed's Bear Bailout Prevent a...

Mar 14 2008 4:48PM EDT

Heidi Moore has the understatement of the day:

CITIC has not yet closed its proposed investment in Bear, and today's moves suggest that will be more difficult.

Er, yes. Not least because at today's closing price Citic's proposed $1 billion investment in Bear would buy 24% of the company, and it's not allowed to breach the 10% level without US government approval. My feeling is that at this point the agreement is toast: for one thing, there's no way that Bear itself is going to find $1 billion to invest in Citic, as per the original plan.

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