Bear Stearns was a global investment bank and financial company based in New York City that was established in 1923. It was one of the biggest and most reputable firms on Wall Street, with a reputation for innovation and risk-taking. It provided various services such as securities trading, brokerage, investment banking, asset management, private equity and more. However, Bear Stearns failed in 2008 as part of the global financial crisis and recession. The main reason for its failure was its heavy exposure to the subprime mortgage market, which caused huge losses and liquidity problems when the housing bubble burst and the credit markets froze. Bear Stearns could not secure enough funding to survive, and faced a run on the bank by its clients and creditors. It was saved by a government-backed sale to JPMorgan Chase at the shockingly low price of $2 per share, down from $170 a year earlier. Bear Stearns’ failure was a stunning and dramatic event that marked the start of the worst financial crisis since the Great Depression. It also revealed the fragility and interconnectedness of the global financial system, and raised questions about the role of regulation and oversight.