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Protesters Enter Bear Stearns Lobby, Demand Meeting With Dimon
POSTED: March 26, 2008
Protesters Enter Bear Stearns Lobby, Demand Meeting With Dimon
By Leslie Gersing and Ian Katz
March 26 (Bloomberg) -- Bear Stearns Cos.' New York headquarters was entered by about 200 people protesting the U.S. government's role in the securities firm's sale to JPMorgan Chase & Co.
Demonstrators from the Neighborhood Assistance Corp. of America streamed into the midtown Manhattan building's lobby through a rear entrance after security guards tried to keep them from using revolving doors. The group demanded to meet with JPMorgan Chief Executive Officer Jamie Dimon, chanting ``We want Dimon.'' They left voluntarily after about a half-hour.
``It's a taxpayer bailout,'' Bruce Marks, the Boston-based nonprofit group's CEO, said of the Bear Stearns sale in an interview today. ``You've got to take the people who created the mortgage crisis'' and have them fix it.
JPMorgan spokesman Joe Evangelisti declined to comment on the protest or the group's claim that the third-largest U.S. bank wasn't working with homeowners facing foreclosure.
New York-based JPMorgan agreed to acquire Bear Stearns in an all-stock transaction that values the firm at about $2.4 billion, or $10 a share. The price is a fraction of Bear Stearns's market value in the days before the takeover.
The Federal Reserve, in an emergency action this month, authorized a $29 billion loan against illiquid Bear Stearns assets to help the company avert bankruptcy. JPMorgan contributed $1 billion.
To contact the reporters on this story: Leslie Gersing in New York at lgersing@bloomberg.net; Ian Katz in Washington at ikatz2@bloomberg.net.
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