#2. Bear Stearns Cancels Everquest Financial IPO
Call it the IP-No. When the market for collateralized debt obligations (CDOs) began to melt down in the spring, Bear Stearns found itself sitting on billions of dollars of the stuff. What to do? How about this: Package the toxic, untradeable CDOs (securities backed by subprime mortgages) into a public company — Everquest Financial — and unload it on the usual chumps. That had been the plan all along, but by the time Bear tried to float this lead balloon in June you had to be living under a rock in Siberia not to know this junk wasn't sellable. The IPO was withdrawn.