As Steve Liesman just said on CNBC ... the end of investment banking.
JP Morgan Pays $2 a Share for Bear Stearns - New York Times:
"In a shocking deal reached on Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear — less than one-tenth the firm’s market price on Friday."
Only a year ago, Bear’s shares sold for $170. The sale price includes Bear Stearns’s soaring Madison Avenue headquarters.