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Old 03-16-2008, 09:09 PM
Total Square Total Square is offline
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Default JPMorgan to Buy Bear for $2 a Share

stock closed friday at $30

JPMorgan to Buy Bear for $2 a Share
Sunday March 16, 7:58 pm ET
By Joe Bel Bruno and Madlen Read, AP Business Writers
JPMorgan Says It Will Buy Ailing Bear Stearns for $2 a Share, or $236.2 Million

NEW YORK (AP) -- JPMorgan Chase said Sunday it will acquire rival Bear Stearns in a deal valued at $236.2 million -- or $2 a share -- a stunning collapse for one of the world's largest and most venerable investment banks.

The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.

The Federal Reserve and the U.S. government swiftly approved the all-stock deal, showing the urgency of completing the deal before world markets opened.

Bear Stearns shares close Friday at $30 a share. At their peak, the shares traded at $159.36.

The Fed will provide special financing to JPMorgan Chase for the deal, JPMorgan Chase said. The central bank has agreed to fund up to $30 billion of Bear Stearns' less liquid assets. Risky bets on securities tied to subprime mortgages -- loans given to customers with poor credit history -- crippled Bear Stearns, the nations' fifth-largest investment bank.

At almost the same time as the deal for control of Bear Stearns was announced, the Federal Reserve said it approved a cut in its lending rate to banks to 3.25 percent from 3.50 percent and created another lending facility for big investment banks. The central bank's official meeting is on Tuesday. Before the emergency move to lower the discount rate, which is the rate at which banks lend each other money, the Fed was widely expected to again cut its headline rate by as much as a full point to 2 percent.

The announcements from both the Fed and JPMorgan come ahead of what some analysts expected to be a brutal day for global stocks. Already, before the announcements, New Zealand's markets opened drastically lower -- then began to recover after the deal was unveiled.

"This is going to go down in very historic terms," said Peter Dunay, chief investment strategist for New York-based Meridian Equity Partners. "This is about credit being overextended, and how bad it is for major financial institutions and for individuals. This is why we're probably heading into a recession."

A collapse of Bear Stearns could have created a further crisis of confidence in world financial markets amid a deepening credit crunch. JPMorgan's acquisition of Bear Stearns represents roughly 1 percent of what the investment bank was worth just 16 days ago.

The deal marked a 93.3 percent discount to Bear Stearns' market capitalization as of Friday, and roughly a 98.8 percent discount to its book value as of Feb. 29.

"The past week has been an incredibly difficult time for Bear Stearns," said Bear Stearns Chief Executive Alan Schwartz in a statement. "This represents the best outcome for all of our constituencies based upon the current circumstances."
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Old 03-16-2008, 09:10 PM
Total Square Total Square is offline
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Old 03-16-2008, 09:12 PM
Total Square Total Square is offline
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was $87 a share on feb 27
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Old 03-16-2008, 09:20 PM
Buck Swope Buck Swope is offline
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This was a $70 stock LAST WEEK

These guys will be going to jail
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Old 03-16-2008, 09:21 PM
Total Square Total Square is offline
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Insider Purchases - Last 6 Months
Shares Trans
Purchases 7 2
Sales 554,548 11
Net Shares Purchased
(Sold) (554,541) 13
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Old 03-16-2008, 09:39 PM
StarnetGypsy StarnetGypsy is offline
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hadda be done before the market opened in the morning too, otherwise it'd dropped free-fall.
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Old 03-16-2008, 10:04 PM
Caitlyn Cwissy Caitlyn Cwissy is offline
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All of a sudden, my Micron stock doesn't look so bad. What else would you expect from a company called Bear?
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Old 03-16-2008, 10:06 PM
Caitlyn Cwissy Caitlyn Cwissy is offline
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I imagine the people who sold naked puts (or calls - whichever way it works) will be no cover, no call, no showing tomorrow.
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As gamblers we must understand that there is no such thing as too big to fail. It is bettor to lose it all than win some of it.

Last edited by Caitlyn Cwissy : 03-16-2008 at 10:11 PM.
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Old 03-16-2008, 10:10 PM
Caitlyn Cwissy Caitlyn Cwissy is offline
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Red face post at Yahoo stock board

Quote:
Happy Meal: $2.99. One share BSC: $2

That really does about say it all.
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As gamblers we must understand that there is no such thing as too big to fail. It is bettor to lose it all than win some of it.
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Old 03-16-2008, 10:12 PM
Caitlyn Cwissy Caitlyn Cwissy is offline
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Thumbs down I'm laughing tonight; tomorrow I will be crying

If my stock tanks too.
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As gamblers we must understand that there is no such thing as too big to fail. It is bettor to lose it all than win some of it.
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Old 03-16-2008, 10:16 PM
thefixisin2 thefixisin2 is offline
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The stock goes down 27 dollars a share on friday. Someone knew something and the crooks get out. Stock was trading 57 on thursday and went down to 30 on friday. Insiders got out and longs are left with 2 a share. Unreal.. YOUR MONEY IS SAFER UNDER YOUR MATTRESS .

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Old 03-16-2008, 10:22 PM
Total Square Total Square is offline
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Quote:
Originally Posted by thefixisin2 View Post
The stock goes down 27 dollars a share on friday. Someone knew something and the crooks get out. Stock was trading 57 on thursday and went down to 30 on friday. Insiders got out and longs are left with 2 a share. Unreal.. YOUR MONEY IS SAFER UNDER YOUR MATTRESS .

thefixisin
Quote:
The deal marked a 93.3 percent discount to Bear Stearns' market capitalization as of Friday, and roughly a 98.8 percent discount to its book value as of Feb. 29.
fukkin amazing
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Old 03-16-2008, 10:31 PM
St Paddy St Paddy is offline
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That is crrazy. Absolutley nuts.
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Old 03-16-2008, 10:52 PM
Fatl Fatl is offline
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For the squares that follow Cramer

Mad Money Appearances Since 2/17/06
Feb. 11, 2008 - BSC was featured in the lightning round and rated Bullish at 79.76.
Jan. 25, 2008 - BSC was featured in the featured stocks and rated Bullish at 87.03.
Aug. 17, 2007 - BSC was featured in the featured stocks and rated Bullish at 117.41.
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Old 03-16-2008, 11:51 PM
SlipperyPete SlipperyPete is offline
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"Smartest guys in the room"
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Old 03-16-2008, 11:53 PM
Mr Memory Mr Memory is offline
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Quote:
Originally Posted by Fatl View Post
For the squares that follow Cramer

Mad Money Appearances Since 2/17/06
Feb. 11, 2008 - BSC was featured in the lightning round and rated Bullish at 79.76.
Jan. 25, 2008 - BSC was featured in the featured stocks and rated Bullish at 87.03.
Aug. 17, 2007 - BSC was featured in the featured stocks and rated Bullish at 117.41.


What an oblivious idiot.
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Old 03-17-2008, 12:11 AM
JC JC is offline
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Wow, just stunning.

Asia is down 4%, Dow futures down 250 as I type this.

I wish the Fed would stop backstopping all of these shenanigans. The longer they keep propping stuff, the longer it will be before things wash out and reach their fair value. All they are doing is weakening the dollar and contributing to inflation.
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Old 03-17-2008, 12:14 AM
degenerategambler degenerategambler is offline
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Quote:
Originally Posted by SlipperyPete View Post
"Smartest guys in the room"
On Weds the CEO said everything is fine, it probably was fine for him, he was likely selling and selling short...... If anyone is still holding stocks or mutual funds, don't say you didn't see it coming...
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Old 03-17-2008, 12:18 AM
SlipperyPete SlipperyPete is offline
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Didnt these jokers know you are not supposed to put all your eggs in one basket???? Isnt it investing 101, I guess they were making so much money that they lost perspective and who gets fucked in the end?
Its not the bigwigs, most of them probably got out ok, but the little guy

None of those guys could make a living betting sports
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