the beginning of the end

[stutters]

 

3/13/2008

Three times this week, the big Wall Street firm was forced to issue a press release or take to the airwaves to assure investors it's not facing a liquidity crisis...CEO Alan Schwartz on CNBC on Mar. 12, during which he said: "We don't see any pressure on our liquidity, let alone a liquidity crisis."

http://www.businessweek.com/magazine/conte...7072_page_2.htm

 

less than 24 hours later (friday)

Bear Stearns (BSC) is clawing to stay alive, with many on Wall Street now betting the storied investment bank may not survive the weekend as an independent shop....JPMorgan Chase (JPM) and the New York Federal Reserve had stepped in with an emergency cash bailout for the New York-based investment firm. The bailout was engineered after days of denials by Bear executives that the firm was facing a liquidity crisis and lacked sufficient funds to continue operating.

http://www.businessweek.com/bwdaily/dnflas...0314_993131.htm

 

and now monday

JPMorgan Buys Bear on the Cheap

With bankruptcy looming, the banks reach a deal: JPMorgan will acquire the troubled investment house for only $2 a share

http://www.businessweek.com/bwdaily/dnflas...index_top+story

 

1. turn hand palm side up

2. move palm towards face

3. end

[anonymo]

I lol'd...

[lousiest]

Even Bear's office building costs more than $236 million

[wayfarer]

This is really scary actually.

[EbilDustBunny]

Bear Stearns was bought out at $2 a share >.< (http://edition.cnn.com/2008/BUSINESS/03/17/world.markets/)