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Citic Securities
Citic Securities

This unit of Chinese state-owned conglomerate Citic Group said in November it would invest $1 billion in Bear Stearns for about 6% of the firm, and Bear would get 2% of Citic Securities when it returned the money. Thanks to the long approval process imposed by Chinese regulators and the fact that the deal stalled in February as the stocks of both firms plunged, Citic narrowly avoided a very bad bet. The day after JPMorgan announced its takeover of Bear, Citic officially killed its deal.

NEXT: Lazard Asset Management
Last updated March 27 2008: 11:01 AM ET

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