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121 Comments
- jackielib, on 03/17/2008, -1/+54harsh.
2 years ago: $150/share
Friday morning: $50/share
Frday afternon: $30/share
Sunday evening: $2/share...mostly for the fancy headquarters. - l33tn3rd, on 03/17/2008, -6/+30exactly how the rothchilds got control of england
- rzxc, on 03/17/2008, -3/+26Monday is going to be bad. Real bad. Luckily, there are limits to how much the market can lose before trading is stopped. There's no doubt we're going to hit those tomorrow. Selling a company that traded at $170 a share for $2 a share is basically the same as bankruptcy. You get about 1 percent of your investment instead of 0 percent. So basically, you did 1 percent better than bankruptcy. To me, there's no difference. Actually, I was thinking about buying a few shares of Bear Sterns at $30. Luckily for me, I resisted the temptation.
- uselessexpert, on 03/17/2008, -4/+16Our economy is in shambles!
If Monday morning Bush and his staff don't think we are in a ***** recession, can someone please grab a Wall Street Journal and a Financial Times and stick one up his ass and the other down his mouth? - fani, on 03/17/2008, -0/+11Tragic for all the employees - Bear has some kind of a profit sharing plan.
Think of all the people who were at Bear for several several years putting in such hard work. Now those shares are so low in value.
As eg. if you got say 1000 shares @ $160 last year around this time - you'd have $160,000. But today its $2000 ( @ $2/share )
Tragic.
Piss poor leadership at the top did Bear in. Remember the golf/bridge playing CEOs.
Reminds me of Nero who played the fiddle while Rome burned... - emmanuelsotelo, on 03/17/2008, -6/+15This is better than having the Fed/US Government give them free cash.
- Manchowder, on 03/17/2008, -1/+9But they did.
Fed gave a non recourse loan to JPM.
JPM bought out Bear at - inactive, on 03/17/2008, -4/+12Lets see this free market in action. When they are raking in the cash it's great. But the minute they start losing money it's time for the government welfare to kick in!
- LordRedSnake, on 03/17/2008, -0/+8That would just imply that Bear Stearns severely over-leveraged itself and its liabilities far outweigh its assets. BSC is the largest underwriter of mortgage backed securities so they've been more exposed to the toxic securities than other institutions. Regardless, this fire sale implies that all of the securities the company deals in are worthless. I personally think that notion is oversubscribed and JP Morgan is getting a hell of a deal. Bear Stearns just couldn't overcome the fear of the marketplace and convince anyone to continue to do business with them. This is the idea behind "we have nothing to fear but fear itself." Mere fears are bringing down multi-billion dollar empires.
- LordRedSnake, on 03/17/2008, -1/+9This is hardly a good deal for Bear Stearns or its 14,000 employees, but the alternative was bankruptcy because nobody else showed up at the meeting to buy the firm except JP Morgan. The Fed is only involved to keep this crisis contained so investors don't start pulling their funds from other banks. When the financial system collapses it affects everyone. Mortgage rates have only gone up despite the Fed Funds rate going down, and further failures will only make that worse. If you're an individual or a small business, getting a loan with favorable rates isn't quite so easy these days.
The goal here for the Fed isn't to give Wall Street CEOs golden parachutes, it's to keep the system running so normal people like you and I can still get loans, buy houses, and get on with our lives. - nalimca, on 03/17/2008, -1/+8Yeah, let's see JP Morgan save America again since 1895. Isn't $65 million enough this time?
- serpentor, on 03/17/2008, -1/+8Bear owns their own building, and the building alone is worth more than the buyout value. This is effectively valuing Bear at *negative* $200mil! (which is probably correct as its derivative exposure is unknown except to JPM and perhaps the Federal Reserve)
- whataboutdave, on 03/17/2008, -1/+8This may come as a shock to you, but the US economy - like nearly every other one in the developed world - is a "mixed economy". There are both market and control elements.
- MrBlue999, on 03/17/2008, -0/+7The Fed will intervene, dropping dollars out of a helicopter if necessary, to avoid any kind of sharp drop.
- ZenMojo, on 03/17/2008, -1/+8I listened to the explanation for why my tax dollars covered this company: "So that other companies don't panic and start selling off their investment interests." Translation: Imply an open-ended opt-in to Wall Street welfare so rich people don't panic and make smart business decisions.
*****' A. Bear and Stearns collapsing has no effect on me or anyone within 200 grand of my yearly salary, this is nothing but hedge fund government assistance. - techweenie, on 03/17/2008, -4/+11Spitzer was about to blow the 'inside deal' that made this possible. Never stand in the way of billionaires connected to the administration.
- mediaspree, on 03/17/2008, -3/+10glad Joe Rogan is up on the financial markets. I can sleep at night.
- inactive, on 03/17/2008, -1/+8just like how JP Morgan bought out banks and corporations for pennies on the dollar during the great depression. Its time for the devil to collect what is sown by the sweat of the gullible soul's brow. Fear the reaper.
- Sagarian, on 03/17/2008, -0/+6Pssst. Kronk revealed that s/he is a realtor. that's your first tip that s/he knows nothing about real estate or finance...
- zephyrprime, on 03/17/2008, -0/+6The only reason they even paid $2 was to prevent credit swap defaults from triggering in the even that BSC went bankrupt. JPM no doubt wrote a lot of those swaps themselves. Buying Bears at $2/share actually saves JPM money.
- lopla, on 03/17/2008, -2/+8Rumors of BLACK MONDAY spreading like wildfire. Top analysts rumored to be speculating on a dip to 4,000 on the DOW. Luckily I got out of the market two months ago, I knew this was coming. Many people will die tomorrow in suicides when they lose everything. This is no laughing matter and my prayers are with you all.
- inactive, on 03/17/2008, -1/+7It's called privatizing profits and democratizing loses.
- Look4Truth, on 03/17/2008, -2/+8$2 a share...$2 a share...
Um...anyone else see a problem here? Hang on tight, things are about to unravel... - logicet, on 03/17/2008, -0/+6This is not free market capitalism. This would not have been able to occur if we followed the Constitution and used real money of Gold and Silver. This fiat money bubble has been manipulated for a purpose. Look at who it benefits as it bursts...
- inactive, on 03/17/2008, -3/+8Believe it or not...I have many interests that align with much of the Digg community.
- grrrrrrrrrrrrrr, on 03/17/2008, -1/+6I'll try. Look here, @ the 58 minute to the approx 1:04 mark:
http://video.google.ca/videoplay?docid=-5153195602 ...
This video is great primer on the history of private central banking and of course thus a history of war itself. - inactive, on 03/17/2008, -0/+5But JPM is still guaranteed up to $30 Billion of bad mortgages by the Feds.
- sjl127, on 03/17/2008, -3/+7This is the result of America spending above their means, both in the private sector and the government sector. This is the textbook definition of bankruptcy.
- BklynPirate, on 03/17/2008, -0/+4More than two words: wtf are you talking about?
- puma, on 03/17/2008, -0/+4your an idiot.
- uptown, on 03/17/2008, -3/+7Something of Spitzer's was about to be blown ... but I don't think an inside deal was it.
- sanman, on 03/17/2008, -0/+4Mr Greenspan, is that you?
- uptown, on 03/17/2008, -1/+5Greenspan helped create this mess by encouraging people to take out ARMs.
- deMonkey, on 03/17/2008, -0/+3http://forums.joerogan.net/showthread.php?t=68255
'The poster is "joerogan" which is kinda flattering and creepy at the same time since it's not actually me, but whoever it is, thanks for posting it!' - aboutlogin, on 03/17/2008, -1/+4getting rid of spitzer (on a dubious case at that) definitely makes it easier, it's ridiculous. $2/share is just stupid, if that valuation is right, then we should see others fall. thanks to the taxpayer, it doesn't look like jpm is taking much risk at all. what a deal, what a story. from government sponsored loan sharking to the political hit on spitzer, the economic hit on pension funds and the financial hit on bear stearns. i have to say it, these guys are good. they don't mess around.
- inactive, on 03/17/2008, -0/+3Can you elaborate on that please?
- Charlotte_Web, on 03/17/2008, -0/+3And the account was created 4 days ago, and he claims to understand the Digg community already.
- widgetmaker, on 03/17/2008, -2/+5Uh the gov is giving them cash/underwriting massive loans. Good thing as well, rather that than letting the whole financial system collapse.
- enki25, on 03/17/2008, -1/+4Well, in this case 1% is about $276M, a hell of a big difference between that and 0. The whole point of this sale was to try to stop the bleeding. At this point we should all be hoping it doesn't spread to JP Morgan. As bad as things are now, it can always get worse.
For some reason I keep thinking of that scene in Sneakers where they're talking about how you can make banks fail just by spreading the word that the bank is already failing. In this case the opposite has happened, failing banks have been propped up by positive propaganda.
Yeah, Monday is going to be pretty ***** bad. - DanOnTheMoon, on 03/17/2008, -0/+3Believe me, I KNOW the schools are Socialist. I went to one.
- inactive, on 03/17/2008, -1/+4Thank you! I have to watch the whole thing now!
Around the 1:11 mark, he talks about how recessions and depressions are started to force people into accepting things....
Lubricate your asses people. Fun times beginning! - DLRULZ, on 03/17/2008, -0/+3Oh, ***** Asian markets are down by 5%, things will only get worse.
- dselliott, on 03/17/2008, -0/+3Its going to be tragic for the American economy. Guess who's going to foot the bill for this giveaway?
- Sagarian, on 03/17/2008, -0/+2Lehman is likely next.
- mciampa1214, on 03/17/2008, -0/+2Except that the building is in ***** Manhattan not Ohio, so I'm pretty sure the value is doing just fine.
- diggerphelps, on 03/17/2008, -2/+4The "building" is only worth a lot in "real estate bubble" funny money.
Which is the reason BSC is worthless.
Kind of 'meta.' - Sagarian, on 03/17/2008, -1/+3The big dealer in mortgage securities is itself being foreclosed on. Nice.
- mirokoi, on 03/17/2008, -3/+5Ahem.. Bear Stearns isn't a bank and the whole system is going down the pan - we're just circling the bowl now. They haven't grown a conscience just this week. They aren't doing anyone any favors just yet. Or ever... These aren't chains.. it's jewelry.. see it's got my initials and my own number on it and everything.
- kazamx, on 03/17/2008, -0/+2LOL?
- LordRedSnake, on 03/17/2008, -2/+4You need to take off your blinders before making sweeping, uninformed comments.
How did this whole housing bubble and mortgage crisis come about? Ah yes, artificially low interest rates courtesy of the US Federal Reserve. Remember that? Government intervention back in 2001-2003 encouraged risky behavior on both the behalf of borrowers and lenders. Homeowners took out mortgages they couldn't afford and lenders lent to people who couldn't afford the loans.
Libertarians don't believe in having some nebulous government entity intervening in the market and distorting people's incentives so much they no longer see reality. But now the Fed is slashing rates again and intervening on a level that hasn't been seen since the Great Depression. I hope in 7 years or so when the next bubble is bursting someone comes and diggs this up. -
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