Jimmy Cayne describes Citic Securities as the New York Yankees of Chinese brokerage firms to the Financial Times, noting also that it was the best deal to cross his desk in 40 years. A lot has been written about the deal. Most of Monday morning quarterbacking holds that the deal is not the long-term answer. But it will help open up a lucrative market and perhaps close the gap in terms of global business that has opened between Bear and its peers. You do have to wonder what this means for other potential deals. Many were convinced the firm would soon announce a large equity investment. But that no longer seems the case. In fact, the deal may actually reduce the chances of a big equity stake, if partners are not comfortable with the Citic cross investment. So the jury is still out on Bear Stearns.  

For more:
- here's the Financial Times article [1]

Related articles:
- China bank to bid for Bear Stearns [2]
- Behind the Bear Stearns hedge fund fiasco [3]
- State-owned China banks on the rise? [4]

Read more on: Bear Stearns [5]