If I told you months ago Bear Stearns would be sold for $2…….
By James Phillip on Mar 17, 2008 in Business
Well I am short Goldman so I know this up’s my chances but I am not overly happy to see Bear Stearns fall other then that. It is tough to see an almost 100 year old financial institution failing like this because it is not a good sign for our financial markets.
If you missed the ticker, JPMorgan bought Bear Stearns for $2 a share with the help of some Fed financing. I would have never thought this would have happened “this way” let alone so fast but they are officially sunk.
The fed’s also dropped rates 25 basis points to help calm the market but I don’t think that is enough. Either let the market bleed or drop it enough to say something, at least 50 and many people wanted to see one full point.
For all of the investors out there be careful in the coming weeks, this is a very unpredictable time for the market.
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