While the rest of the world obliviously celebrated Easter, JPMorgan execs were sweating the detail of a certain Bear Stearns bid, which, first set at $2 a share, may now be quintupled to $10. Surely, this would result in Bear shareholders feeling a bit rosier about things, if not the top brass at JPMorgan. But after several days of frenetic, secret, late-night dealings, the Fed is balking at upping the ante. Why? Because, it’s already agreed to back $30 billion of Bear’s most toxic assets with taxpayer money – isn’t that plenty? The big concern: Wither the public backlash? Bear stockholders’ answer: Let them eat Easter eggs. Who will win this war?
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JPMorgan To Sweeten Bear’s Honeypot? |
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