codemonkey
Shared on Mon, 03/17/2008 - 12:24For those that haven't read the news, Bear Stearns, the nations 5th largest financial trading house, almost went Bankrupt this a.m. when the floor fell out of their risky bets on some loans (by some, I mean enough to cause its financial unwinding).
Bear Stearns was saved from bankruptcy when JP Morgan came along and bought them up for $2.00 a share (I believe they were trading for $60.00 a share a week or so ago). That's a HUGE drop in value, pretty much enough to kill off anyone so JP saved them from the inevitable.
I'd read up on it, as I can only assume smaller financial institutions around them (or bigger ones even!) are having many of the same problems. This is probably the first of many unhappy announcements to be made. If anything can be listed as a cornerstone to a recession I think this might be one of them.
Sad. True.
Bear Stearns was saved from bankruptcy when JP Morgan came along and bought them up for $2.00 a share (I believe they were trading for $60.00 a share a week or so ago). That's a HUGE drop in value, pretty much enough to kill off anyone so JP saved them from the inevitable.
I'd read up on it, as I can only assume smaller financial institutions around them (or bigger ones even!) are having many of the same problems. This is probably the first of many unhappy announcements to be made. If anything can be listed as a cornerstone to a recession I think this might be one of them.
Sad. True.
- codemonkey's blog
- Log in or register to post comments
Comments
Submitted by Caduceus on Tue, 03/18/2008 - 11:12
Submitted by TaxiSquad27 on Mon, 03/17/2008 - 13:38
Submitted by codemonkey on Mon, 03/17/2008 - 13:42
Submitted by Anonymous (not verified) on Mon, 03/17/2008 - 13:50