The architects of one of the biggest deals to ever hit Wall Street are due on Capitol Hill Thursday morning, when the Senate Banking Committee hosts a hearing on the JPMorgan Chase takeover of Bear Stearns.
A day after Federal Reserve Chairman Ben Bernanke explicitly acknowledged the possibility of a recession in front of the congressional Joint Economic Committee, he will be back in Washington to discuss the deal which the Fed was instrumental in bringing to fruition.
Joining Bernanke on the hot seat will be Bear Stearns CEO Alan Schwartz, JPMorgan Chase CEO James Dimon, NY Fed President Tim Geithner, and Treasury Secretary Henry Paulson.
After congressmen grilled Bernanke Wednesday on whether the central bank had advanced knowledge of the impending failure of Bear Stearns, expect more of the same Thursday, as the committee's senators look to discover any hidden details of the deal.
Shares of Bear Stearns gained 1 cent Wednesday, rising 0.1%, to $10.86, while JPMorgan lost 38 cents, or 0.8%, to $46.24, ahead of the executive testimony. Financial stocks are likely to be moving in early trading Thursday, with the hearing scheduled for 10 a.m. in Washington.
The dollar weakened Wednesday on Bernanke's recession comments, to $1.5675 against the euro, giving commodity prices a boost. Crude was up $3.85 to $104.83 after a drop in gasoline stockpiles overwhelmed a substantial rise in crude inventories in the minds of traders. Gold gained $12.40 to $900.20.
Story contributed by Forbes: Read More
A day after Federal Reserve Chairman Ben Bernanke explicitly acknowledged the possibility of a recession in front of the congressional Joint Economic Committee, he will be back in Washington to discuss the deal which the Fed was instrumental in bringing to fruition.
Joining Bernanke on the hot seat will be Bear Stearns CEO Alan Schwartz, JPMorgan Chase CEO James Dimon, NY Fed President Tim Geithner, and Treasury Secretary Henry Paulson.
After congressmen grilled Bernanke Wednesday on whether the central bank had advanced knowledge of the impending failure of Bear Stearns, expect more of the same Thursday, as the committee's senators look to discover any hidden details of the deal.
Shares of Bear Stearns gained 1 cent Wednesday, rising 0.1%, to $10.86, while JPMorgan lost 38 cents, or 0.8%, to $46.24, ahead of the executive testimony. Financial stocks are likely to be moving in early trading Thursday, with the hearing scheduled for 10 a.m. in Washington.
The dollar weakened Wednesday on Bernanke's recession comments, to $1.5675 against the euro, giving commodity prices a boost. Crude was up $3.85 to $104.83 after a drop in gasoline stockpiles overwhelmed a substantial rise in crude inventories in the minds of traders. Gold gained $12.40 to $900.20.
Story contributed by Forbes: Read More
