On March 16, 2008, which US bank failure helped trigger the GFC? NZ Herald Quiz Afternoon Answers Today
by J Nandhini
Updated Nov 09, 2023
On March 16, 2008, which US bank failure helped trigger the GFC?
The Correct answer is Bear Stearns
Bear Stearns was a prominent global investment bank and financial services firm headquartered in New York City. It was one of the largest and oldest investment banks in the United States. The company was founded in 1923 and played a significant role in the financial industry for many decades.
However, in 2008, Bear Stearns faced a severe financial crisis due to its exposure to subprime mortgages and related assets. This led to a rapid deterioration of its financial condition. In an effort to prevent a broader financial collapse, the U.S. government brokered a deal for JPMorgan Chase & Co. to acquire Bear Stearns in March 2008.
The collapse of Bear Stearns was a significant event during the global financial crisis of 2008 and had far-reaching implications for the financial industry and the broader economy.
On March 16, 2008, which US bank failure helped trigger the GFC? - FAQ
Bear Stearns