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Bear Steans bought up by JPMorgan

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.. for pennies on the dollar. Oh look, it's 1929 again...

 

http://money.cnn.com/news/newsfeeds/articles/djf500/200803170716DOWJONESDJONLINE000289_FORTUNE5.htm 



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Stop being overly dramatic. The people who went through the Great Depression would be insulted at your comparison.



If it's 1929, how are you connecting to the internet? Also warn people about Hitler, Saddam and Betamax.



bsc got bought for 1% its worth just couple of months ago thats pretty bad... from a multi billion dollar company to 250 million..



Thats what happens when investment banks fail to behave like investment banks should. Having huge portions of your porfolio in questionable mortgage backed securities equals a ticking time-bomb! Which is exactly what happened, Bear Stearns IMPLODED, honestly JP Morgan and the FED should have let them fail and gone under. Too bad we honest tax payers will as usual be stuck to foot the bill of greedy corporations.



PSN - Kratos0518

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what do u mean imploded? From what I understand they just lost alot of liquidity when investors try to pull out. Its like owning a house and a car then one day your credit card company decides your too risky and cuts your credit limit to 0 and you dont any cash. Well your screwed but it wasnt your fault.



Already posted.



 

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syzegy said:
what do u mean imploded? From what I understand they just lost alot of liquidity when investors try to pull out. Its like owning a house and a car then one day your credit card company decides your too risky and cuts your credit limit to 0 and you dont any cash. Well your screwed but it wasnt your fault.

BSC 4/25/07 - $159.36

BSC 3/14/08 - $30.00

BSC 3/17/08 - $2

How's that not an implosion of their stock price.



PSN - Kratos0518