Sold! Bear Stearns T-shirt gone for $151.76

Price of extra-large men's T-shirt was no doubt prompted by the sudden fall of the fifth largest U.S. investment bank.(From Reuters)
Written by Natalie Gagliordi, Contributor
A used T-shirt bearing the Bear Stearns logo has sold for $151.76 online, worth about 14 or 15 shares in the once venerable Wall Street investment bank.

Bear Stearns shirts and other trinkets have been snatched up in recent days on auction site eBay.

This particular extra-large men's T-shirt, blue, with a white Bear Stearns logo, attracted more than 1,600 visitors and sold for $151.76 on Monday night, a price no doubt prompted by the sudden fall of the fifth largest U.S. investment bank.

The Bear Stearns takeover by JPMorgan Chase has generated public interest reminiscent of Enron's demise. Other auction items include umbrellas, coffee mugs, cafeteria cards, hard hats, and a pewter reproduction of Bear Stearns' midtown Manhattan office building, which was included in the fire sale.

"Be the first to get your paws on classic Bear Stearns memorabilia," read one post auctioning a miniature plastic toy bear that was going for $28 on Tuesday morning.

Another Bear Stearns bear wearing a business tie attracted more than 1,400 visits and a high bid of about $150.

The T-shirt seller, Jennifer Cseplo of Dublin, Ohio, 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.

On March 16, JPMorgan Chase said it would acquire its rival for only $2 per share, in a deal brokered by the Federal Reserve aimed at heading off a bankruptcy and a spreading crisis of confidence in the global financial system.

On Monday, JPMorgan raised its offer to about $10 a share to appease angry stockholders who vowed to fight the original deal. Bear Stearns traded at $10.80 a share near midday on Tuesday.

Story Copyright © 2008 Reuters Limited. All rights reserved.

Editorial standards