Monday, Mar 17, 2008
The 85 year old Bear Stearns collapses.
Marketwatch: J.P. Morgan to buy Bear Stearns for $2 a share
Apparently Bear Stearns, which was trading at $160 last year, is worth but $2 today. Mind you, it's a stock deal and I can see JP Morgan's getting crushed on this news, so maybe it isn't even worth that. What price Lehmans, Morgan Stanley, Merrill Lynch???
The dollar is crumbling, gold is up $20. Maybe we should be careful what we wish for?
Posted by jackas @ 12:47 AM (415 views) Add Comment
1 Comment
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1. wiltshire said...
To be honest I don't think most people on this site wished for this. It was more a case that people simply knew this was a likely outcome of such an enormous debt/housing bubble.
Who would wish financial carnage on the population of the Western World just because a few thousand bankers expect to live like kings? (Masters Of The Universe indeed???).