"History is a wonderful thing, if only it was true"

Monday, March 17, 2008

If this counts as a bailout...

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.

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