It has already been a wild day, and the market has only been open for an hour!Last night, when I got home from Wyoming, I learned that Bear Stearns (BSC) had been "bought" out by JPMorgan (JPM) for $2. I thought it was a typo. $249 million? Given the hard assets of the firm, this basically placed a negative value on the investment bank.What a stunning turn of events. BSC was the 5th largest brokerage firm in the U.S., and its stock has now lost 95% of its value since Jan. 1. This was a true "run on the bank". As confidence eroded [...]
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[Source: The Money Blogs]
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