1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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NEW YORK (AP) - Vanguard Windsor II Fund has held a passive stake greater than 5 percent in Bear Stearns Cos. since December 2007, but inadvertently failed to report its interest by the required deadline, according to a Securities and Exchange Commission filing.
Vanguard reported holding 7.9 million shares, representing a 6.7 percent stake in the New York-based bank.
Bear Stearns is being acquired by JPMorgan Chase & Co. for $10 per share, a deal that rescued the troubled investment house from the brink of bankruptcy. Bear Stearns was in distress because trading partners and banks grew leery of doing business with the company, due to rumors it was in danger of going bankrupt.
Vanguard disclosed its holdings in a Schedule 13G filing, which indicates the investment is passive, and that the shares weren't acquired to change or influence control of the company.
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