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Novelty Items Gain Interest Due to Failed Investment Bank

Posted on: Wednesday, 26 March 2008, 03:10 CDT

After attracting over 1,600 visitors, a used extra-large T-shirt marked with the Bear Stearns logo sold for $151.76 in an eBay auction on Monday.

The amount is the equivalent of about 14 or 15 shares what was once the fifth-largest investment bank on Wall Street.

Jennifer Cseplo of Dublin, Ohio, the seller of the T-shirt said her husband got the shirt as a gift four years ago and wore it to work out in.

"I thought I would get $20 for it and be happy . This is pretty crazy," Cseplo said.

A Bear Stearns bear wearing a business tie attracted over 1,400 visits and a went for a bid of nearly $150. Other items up for bid include umbrellas, coffee mugs, cafeteria cards and hard hats.

Interest in the auction was undoubtedly spurred by the recent takeover by JPMorgan Chase & Co. On March 16 the firm announced its plans to acquire its rival the Bear Stearns Co Inc. for only $2 per share. However, JPMorgan raised its offer to about $10 a share on Monday in hopes of appeasing angry stockholders.

Bear Stearns traded at $10.80 a share near midday on Tuesday.

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On the Net:

Bear Stearns

JPMorgan Chase & Co.

Bear Stearns on eBay

Source: redOrbit Staff and Wire Reports

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