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MONDAY MARCH 17
Dump Everything, Hell Is Here: JPM Buys Bear For A Song There’s going to be some smoke in the city. And we’re not talking about Jimmy Cayne-type smoke, either. We’re talking about the kind of smoke that only comes 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. March 2008New User?Sign up to get free access to TraderDaily.com
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