Broker-Dealer ETF Hits Low In Bear Stearns’ Wake
March 17th at 6:00am by Tom Lydon
The iShares Dow Jones Broker-Dealer (IAI) exchange traded fund (ETF) tumbled to an all-time low on Friday, another victim of Bear Stearns’ (BSC) woes. It lost 4.2% in trading at the end of last week, and the investment bank is 4.1% of the fund’s assets.
Wanfeng Zhou for Forbes reports that the tumble came from news that Bear Stearns suffered a liquidity crisis after realizing its coffers had gotten dangerously low. Temporary emergency financing was loaned by the government and Stearns’ rival, J.P. Morgan Chase and Company.
