Item number: M267

Year: AD 2008

Material: 10K Gold

Size: Case 55.3 x 45.4 x 31.0 / Tac 13.7 x 11.8 x 0.8 mm

Weight: Case 36.75 / Tac 4.55 g

Provenance: Private Collector, USA, 2024

This is a tie tac that belonged to Bear Stearns, once the fifth-largest investment bank and a major securities trading firm in the United States. It is notable for being the first major domino to fall in the AD 2008 U.S. subprime mortgage crisis.

This 10K gold tie tac is housed in a black leather case with an inner lining made of thick cardboard wrapped in black velvet. The tie tac itself is rounded rectangular in shape. The obverse side features the company name “BEAR STEARNS” in two lines aligned towards the top left corner, with an L-shaped line decoration tilted 90 degrees to the left below it. The reverse side of the tie tac bears the hallmark “LA 10K,” indicating the gold content. Additionally, the tac has a round pin back connected to a chain for securing the tie tac in place.

Founded in New York in AD 1923, Bear Stearns witnessed the AD 1933 Great Depression and several financial crises, becoming one of the premier securities trading companies in the United States. Starting in AD 2001, the booming U.S. real estate market saw many individuals with poor credit scores entering the market. In response, banks and financial institutions introduced various “subprime mortgages,” loans offered to those with less-than-ideal credit, to further stimulate the real estate market. These subprime mortgages were then repackaged in the financial markets as “Collateralized Debt Obligations” (CDOs), derivative financial products that bundled bonds of varying credit ratings. These CDOs, offering higher returns, attracted many investors and contributed to the formation of a massive economic bubble.

In AD 2006, as the Federal Reserve continued to raise interest rates and lending standards changed, the real estate market began to cool down. Under these conditions, subprime mortgages faced delays in repayment and defaults, leading to the collapse of related lending financial institutions. The AD 2015 American film “The Big Short” portrays this period in detail.

Starting on June 14, AD 2007, Bear Stearns faced massive losses in its hedge funds composed of CDOs derived from subprime mortgages, marking the first time in four quarters that the company experienced a decline in profits. The impact of subprime mortgage defaults on the company intensified, and on March 10, AD 2008, Bear Stearns experienced a bank run, with its reserves plummeting from $18 billion to $2 billion in just four days. This forced the company to declare bankruptcy on March 14, making it the first major financial firm to collapse in the subprime mortgage crisis. The film “The Big Short” vividly depicts the panic as Bear Stearns’ stock price plummeted by 38% in less than a day.

To prevent further panic, the U.S. government announced on the day of Bear Stearns’ bankruptcy that the Federal Reserve would provide loans to JPMorgan Chase to facilitate the company’s liquidation. Ultimately, the 85-year-old investment bank was acquired by JPMorgan Chase, marking its exit from the financial world. However, the government’s intervention did not restore market confidence. On September 15 of the same year, Lehman Brothers, another major financial institution, declared bankruptcy, marking the largest bankruptcy in U.S. history.

物件編號: M267

年代: 公元 2008 年

材質: 10K 金

尺寸: 盒子 55.3 x 45.4 x 31.0 / 夾子 13.7 x 11.8 x 0.8 mm

重量: 盒子 36.75 / 夾子 4.55 g

來源: 美國私人收藏 2024

這是推倒公元2008年美國次級房貸危機的第一張骨牌，曾一度是全美第五大投資銀行和主要證券交易行的「貝爾斯登公司」供其職員穿戴的領帶夾飾。

這枚10K金打造的領帶夾飾安置於黑皮革的收納盒，盒子內襯為包裹黑絲絨的厚紙板。領帶夾飾的外型為圓角矩形，飾品正面是公司名稱「BEAR STEARNS」分成兩行朝左上角對齊，下方是一個向左傾倒90度的L型線條裝飾。飾品背面下方為標示含金量的戳記「LA 10K」。另外用以固定飾品的圓型別針版，尚和一條鍊子串連在一塊。

公元1923年，貝爾斯登公司創立於紐約，見證公元1933年的金融大蕭條和數次金融危機，成為美國首屈一指的證券交易公司。公元2001年起，隨著美國房地產市場的熱絡發展，許多在銀行眼中信用不佳的人也紛紛投入房市，各大銀行和金融機構紛紛推出不同的「次級房貸」，即提供信用不佳者的房貸方案，進一步活絡房地產市場。另一方面，這些次級房貸在金融市場被包裝為「債務擔保證券」(CDO)，即包裹不同信用等級債券的延伸性金融商品，以較高的投資報酬率吸引投資者購買，形成龐大的泡沫經濟。

公元2006年，隨著聯準會持續升息和放貸標準改變，房地產市場逐漸降溫。如此的前提之下，次級房貸出現延遲還款和債務違約的危機，造成相關的放款金融業者逐一倒閉。公元2015年上映的美國電影《大賣空》正是描述這段經歷。

公元2007年6月14日起，貝爾斯登以次級房貸延伸的CDO組成的對沖基金面對巨額虧損，是其首次在四個季度內出現盈利下滑。後續次級房貸違約對於公司的衝擊日益加劇，隔年3月10日，貝爾斯登發生擠兌風潮，其儲備金在四天內從180億美元縮水至20億美元，被迫在14日宣布破產，成為次級房貸危機第一間倒下的大型金融企業。電影《大賣空》生動描述貝爾斯登的股價在一天不到重挫38%的恐慌一幕。

美國政府為避免恐慌進一步擴大，於貝爾斯登破產當天宣布聯邦準備銀行會提供貸款給清算該公司的摩根大通銀行。最終這間擁有85年歷史的投資銀行被摩根大通收購，就此走入歷史。另一方面，美國政府的援助並未挽救市場的信心，同一年的9月15日，同樣是金融大戶的雷曼兄弟宣布破產，創下美國歷史上最大金額的破產案。