JP Morgan Chase buys Bear Stearns
Bear Stearns stock was trading at $117/share a little over a year ago...they were just bought out for $2/share.
[size=13pt]Bear Throws In The Towel
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Elizabeth Moyer and Mitchell Martin
03.16.08, 10:35 PM ET
Investors around the world are waking up to a disquieting series of events on Monday, following an astonishing weekend of activity in the United States. Bear Stearns will be bought for a song by JPMorgan Chase, a result of its mortgage-related problems, and the Federal Reserve undertook a rare Sunday interest-rate cut.
Re: JP Morgan Chase buys Bear Stearns
This was the deal of the century. Bargain basement price and the Fed isn't even going to make JP Morgan/Chase pick up the lion's share of Bear Stearns' ridiculously out of control debts.
On the plus side, apparently this keeps our already precarious economic situation from descending into utter collapse. Yet.
Good times.
Re: JP Morgan Chase buys Bear Stearns
Sure glad I didn't cash out all the equity in my house and get one of those ARM loans.
Lots of people losing thier houses down here now as they try to refinance thier houses that aren't worth what they have in them.
Very sad.
:'(
Re: JP Morgan Chase buys Bear Stearns
"Marrdro" wrote:
Quote:
Sure glad I didn't cash out all the equity in my house and get one of those ARM loans.
Lots of people losing thier houses down here now as they try to refinance thier houses that aren't worth what they have in them.
Very sad.
:'(
I don't have a lot of sympathy for people who refinanced but didn't bother to read the fine-print and now want the government to bail them out of their stupidity.
=Z=
Re: JP Morgan Chase buys Bear Stearns
What is sad is that this will effect all of us. It will be a rough day in the markets, already is. Your and my retirement accounts will take a big hit.
Re: JP Morgan Chase buys Bear Stearns
[size=13pt]Gallows humor, realtor greet Bear's stunned staff[/size]
By Kristina Cooke
1 hour, 21 minutes ago
NEW YORK (Reuters) - Shocked Bear Stearns (BSC.N) employees trudged into work Monday morning desperately seeking clarity on their futures.
Re: JP Morgan Chase buys Bear Stearns
"Zeus" wrote:
Quote:
"Marrdro" wrote:
Quote:
Sure glad I didn't cash out all the equity in my house and get one of those ARM loans.
Lots of people losing thier houses down here now as they try to refinance thier houses that aren't worth what they have in them.
Very sad.
:'(
I don't have a lot of sympathy for people who refinanced but didn't bother to read the fine-print and now want the government to bail them out of their stupidity.
=Z=
Stupid, they are the smart ones. The dumb ones lived with in their means and bought a house they could afford, they will not be getting any aid at all.
Re: JP Morgan Chase buys Bear Stearns
"jmcdon00" wrote:
Quote:
"Zeus" wrote:
Quote:
"Marrdro" wrote:
Quote:
Sure glad I didn't cash out all the equity in my house and get one of those ARM loans.
Lots of people losing thier houses down here now as they try to refinance thier houses that aren't worth what they have in them.
Very sad.
:'(
I don't have a lot of sympathy for people who refinanced but didn't bother to read the fine-print and now want the government to bail them out of their stupidity.
=Z=
Stupid, they are the smart ones. The dumb ones lived with in their means and bought a house they could afford, they will not be getting any aid at all.
Time is your aid!
The sad part is that some people will let their homes be foreclosed just because they are in a house that has become less than what the loan amount was originally.
The house will appreciate again.
Bears was a sacrificial lamb.
Other companies that are in a similar position will now be able to be helped by the govt.
That is the difference between Friday and Monday.
