JPMorgan Buys Bear Stearns for a Song

The following is a timeline of recent events at the 85-year-old firm:

2007

_June 14: Bear reports a 10 percent decline in quarterly earnings as the mortgage market shows signs of cracking. Chief Financial Officer Sam Molinaro says, "We are impacted in a weaker mortgage market until that industry turns around."

June 18: Reports say Merrill Lynch seized collateral from a Bear Stearns hedge fund invested heavily in subprime loans those made to people with poor credit.

June 22: Bear commits $3.2 billion in secured loans to bail out its High-Grade Structured Credit Fund, says company's troubles are "relatively contained."

July 17: Bear tells clients that the assets in one of the troubled funds are essentially worthless, while those in the other are worth 9 percent of their value at the end of April.

Aug 1: The two funds file for bankruptcy protection and the company freezes assets in a third fund.

Aug 5: Co-President and Co-Chief Operating Officer Warren Specter resigns. Alan Schwartz becomes sole president. CFO Molinaro takes over co-COO role.

Aug 6: Bear sends letters to clients reassuring them the company is financially sound.