And we’re not talking Jimmy Cayne-type smoke, either. We’re talking about the kind of smoke that could only come from a fire sale – for a bank, or anyone, the ultimate insult. Here, the unabridged story of how Bear Stearns got itself into this mind-boggling mess and why it finally was forced to agree to sell itself to JPMorgan for – gulp – $2 a share in stock, or less (waaay less) than $300 million. What next? The Fed drops $30 billion on helping Bear with its less-liquid assets? As a matter of fact, yes.
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Smoke In The City: JPM Buys Bear For A Song |
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