Richard Tafoya
Mar 16th, 2008, 09:37 PM
How about that Bush econonomy, huh?
Huffington Post:
http://www.huffingtonpost.com/2008/03/16/bear-stearns-forced-to-se_n_91792.html
The New York Times is reporting (http://www.nytimes.com/2008/03/16/business/16cnd-bear.html?ex=1363406400&en=fa281a3d92db11ae&ei=5088&partner=rssnyt&emc=rss) that Bear Stearns has agreed to be bought out by JPMorgan Chase:
Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system.
The price represents a startling 93 percent discount to Bear Stearns' closing stock price on Friday on the New York Stock Exchange.
The share price represents a huge fall from what Bear Stearns stock fetched on year ago:
Reflecting Bear Stearns's dire straits, JPMorgan agreed to pay just $236 million for the firm, a figure that includes the price of Bear's soaring headquarters on Madison Avenue in Manhattan. At $2 a share, JPMorgan is buying Bear Stearns for a third of the price at which the troubled firm went public in 1985. Only a year ago, Bear's shares fetched $170. The cut-rate price reflects deep misgivings about the firm's prospects.
Huffington Post:
http://www.huffingtonpost.com/2008/03/16/bear-stearns-forced-to-se_n_91792.html
The New York Times is reporting (http://www.nytimes.com/2008/03/16/business/16cnd-bear.html?ex=1363406400&en=fa281a3d92db11ae&ei=5088&partner=rssnyt&emc=rss) that Bear Stearns has agreed to be bought out by JPMorgan Chase:
Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system.
The price represents a startling 93 percent discount to Bear Stearns' closing stock price on Friday on the New York Stock Exchange.
The share price represents a huge fall from what Bear Stearns stock fetched on year ago:
Reflecting Bear Stearns's dire straits, JPMorgan agreed to pay just $236 million for the firm, a figure that includes the price of Bear's soaring headquarters on Madison Avenue in Manhattan. At $2 a share, JPMorgan is buying Bear Stearns for a third of the price at which the troubled firm went public in 1985. Only a year ago, Bear's shares fetched $170. The cut-rate price reflects deep misgivings about the firm's prospects.