Bear Stearns: 'We're still in business'

Despite the footage on CNBC of Bear Stearns Cos. employees leaving 383 Madison Ave. with boxes, the bank continues to operate. "We're still in business," says one Bear Stearns banking source in reference to the investment bank's M&A business.

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As Dealscape noted earlier, before the bank's epic blowup last weekend, Bear Stearns had been hired to advise on several pending transactions, the most prominent of which is CEO Alan Schwartz's involvement with Microsoft Corp. in its $44.6 billion bid for Yahoo! Inc.

The source noted that J.P. Morgan Chase & Co.'s acquisition of the company is allowing the firm to continue "servicing its clients" even as the financial world awaits the first (and maybe not last) shareholder vote to approve J.P. Morgan's takeover. - Vipal Monga

See earlier post from Dealscape
See Dealwatch: Bear Stearns
See video from CNBC

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