Bear Stearns was a major investment bank and financial services firm based in New York City. Founded in 1923, it specialized in investment banking, securities trading, and asset management. The firm was known for its strong presence in the mortgage-backed securities market, which played a significant role in its operations. However, during the 2008 financial crisis, Bear Stearns faced severe liquidity issues due to its exposure to risky mortgage assets. This led to a rapid decline in its stock price and ultimately resulted in its acquisition by JPMorgan Chase in March 2008, marking one of the first major casualties of the financial crisis.