March 16, 2008
– Comments (14) |
RELATED TICKERS: BSC.DL
OMG, JP Morgan has put in an offer to buy Bear Stearns for $2/share...
Look out below...
Here's the full press release from JP.
wow, glad abitareperfect got his underperform in on BSC. Wait, I did not make any money!!!!!!!!!!!!! Dam CAPS, time wasting.
Is there any stock here that is not a good short cannidate?
FoolishChemist, that was funny...
The financial markets are fine, trust us, that's why the fed is having emergency meetings on a Sunday and lowering the discount rate to banks...
It doesn't actually say "emergency meeting," but they are supposed to meet Tuesday and that they felt they couldn't wait until Tuesday is a disaster.
The chickens have come home to roost. The same greed that led them to build this house of cards called the asset backed security market has already claimed one of the architects.
Don't be fooled. This bank went under and people lost real money. Just ask Joseph Lewis who invested $836M for an 8% stake last summer. This $2 share hogwash is just the Fed hiring JP Morgan for janitor duty, unwind positions, liquidate assets, close offices, etc RTC stuff.
How can Paulson, the leading architect of the mess we are in back in the GS days, have the face to go on national tv and talk the nonsense that he is talking is beyond my level of comprehension.
People hang on to your jockstraps and pantys, this was no regional bank, this was a market maker of all sorts, including treasury securities.
$2 share is cosmetic. By the time all their positions are unwound, the Fed will probably have to forgive some its loans to JP Morgan. It will probably end up costing more to liquidate this bank than to acquire it.
its gonna be ugly tomorrow..
Wow, this is just amazing. I would expect a headline like that on April Fool's Day. Buying a major company that was worth $21.6 billion at one time this past year for what is essentially pocket change. Who'd a thunk it? Exmocare (Formerly known as 1-900-Jackpot) could have bought them out. This is going to be one interesting week.
The shareholders still have to approve the deal...
Perhaps someone else may offer 3 dollars.... WOW.....
The really bad news is that 14,000 employees of BSC will now be out of employment......
A year or so from now we'll see at least two behemoths in banking, JPM and BAC.
#3) On March 16, 2008 at 8:24 PM, dwot wrote:
#8) On March 16, 2008 at 9:12 PM, FoolishChemist wrote:
The funny comment
She knew I was funny before I was even funny!
lol foolishchemist, ever since we've gone to daylight savings times sometimes comments are reposted with an hour time difference...
good lord, this is rapidly approaching worst case scenario.
what's an emergency 25 basis point cut really going to do?
Bear's book value was something like $70 a share. Of course, that's before all the margin calls. They were leveraged at a rate of something like 32 times their capital, which is worse than many hedge funds.