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« More Age-Bashing McCain | Main | Fiddle Meet Rome »
March 17, 2008 |Permalink |Comments (0)
Wall Street Melt Down
Look out for a wild ride on Wall Street this week...
For starters, from cnn.com
JPMorgan Chase & Co. said Sunday that it would acquire troubled Wall Street firm Bear Stearns amid deepening fears that Bear's demise could have sent shockwaves across the already shaky financial markets.The deal values Bear Stearns at $236 million, or just $2 a share. The company's stock closed at $30 on Friday, down a staggering 47% for the day.
The Federal Reserve and other regulators support the deal: With the global credit crisis worsening, the Fed has been taking dramatic action to help banks and prevent widespread panic through the financial markets.
Over the past three days, roughly 200 JPMorgan staffers were working on the deal, assessing the strengths of Bear Stearns' different businesses and its exposure to toxic mortgage securities, JPMorgan executives said in a conference call Sunday night.
Bear Stearns has a book value of $84 per share. Executives said the sharp discount in the purchase price provides a cushion to protect JPMorgan in turbulent times and would provide the company "margin for error."
We will be covering this this week. Let's also remember that these are the geniuses into whose hands were encouraged to place Social Security.
Right.