Bear Stearns bailed out by Federal Reserve and JPM - DFWstangs Forums
 
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post #1 of 8 (permalink) Old 03-14-2008, 01:29 PM Thread Starter
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Bear Stearns bailed out by Federal Reserve and JPM

Quote:
March 14 (Bloomberg) -- Bear Stearns Cos. shares plummeted a record 53 percent after the New York Federal Reserve and JPMorgan Chase & Co. stepped in to rescue the 85-year-old U.S. securities firm with emergency funding.
http://www.bloomberg.com/apps/news?p...efer=worldwide

On other news yesterday.
Quote:
March 13 (Bloomberg) -- U.S. stocks rose for the second day this week after Standard & Poor's predicted an end to banks' subprime mortgage writedowns and gold surged above $1,000 an ounce, sparking a rally in mining shares.
http://www.bloomberg.com/apps/news?p...efer=worldwide
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post #2 of 8 (permalink) Old 03-14-2008, 01:43 PM Thread Starter
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Bernanke took advantage of little-used parts of Fed law, added in the 1930s and last utilized in the 1960s, that allows it to loan to corporations and private partnerships with a special Board vote.
http://www.bloomberg.com/apps/news?p...MTM&refer=home

Anyone know Bernanke's number? My private partner and I could use a loan to tide us over.
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post #3 of 8 (permalink) Old 03-14-2008, 08:48 PM
 
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I guess the point of this thread is to point out the crappy economy?

I mean, I know that usually, you post anything good, true or not, about the economy.

AM talk does this, too. They announced that jobs were up, and did it with a smirk. Then the actual news came on and said "...uh, jobs are down."

Same with the Bush press conference from the other day, when he didn't realize that gas was going up to $4. He said that we are NOT headed for a recession. Then the news came on, right after it was over, and said "we're heading for a recession."

Nobody wants to be wrong, two times in a row. I get that. But how long can the charade go on, of trying to prove that Bush was a competent president? I mean, time will tell, that's true. Reagan had a low approval rating until he was out of office, then his post-approval rating skyrocketed.

Maybe we'll look back, 40 years from now, when we're still in Iraq, and say "man... Bush was right!"

But I wouldn't put money on it.
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post #4 of 8 (permalink) Old 03-14-2008, 09:08 PM
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good post.

Thus Spoke Zarathustra
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This will help everyone out, check it.
It is time we acknowledged a basic feature of human discourse: when considering the truth of a proposition, one is either engaged in an honest appraisal of the evidence and logical arguments, or one is not. Religion is the one area of our lives where people imagine that some other standard of intellectual integrity applies.
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post #5 of 8 (permalink) Old 03-15-2008, 05:34 PM
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most economists are expecting another half point rate cut.

but more than a few are wanting ANOTHER 3/4 point cut.


i dnt want to be bernanke right now, if he cuts too much, inflation is gonna be an issue, but if he doesnt cut enough people are gonna start freaking out in the broader market (more so than lately)


im glad my company stepped in and gave an infusion of 28 day paper to stearns, but my stock went down 1.40 because of being affiliated with loaning to a nearly bankrupt company. luckily our investment is backed by the fed and not "AAA" mortgage bonds based on people with low 500 credit scores! seriously since when did the "driverselect" of mortgages become AAA rated and earn the same rating as huge companies that have been around forever and give consistent dividend? i always thought this was hilarious.

the problem is this is only a bandaid, stearns isnt going to convince already freaked out investors that its solvent in just 28 days.
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post #6 of 8 (permalink) Old 03-15-2008, 08:34 PM
 
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Oh man this is getting juicy, reports are coming in that there was tight security outside of Bear Stearns offices in NYC and several treasury department reps were spotted. Latest report says that the lights on the upper floors are still on. Monday and Tuesday trading is going to fun
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post #7 of 8 (permalink) Old 03-16-2008, 06:20 PM Thread Starter
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Quote:
YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM - News) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC - News). The Boards of Directors of both companies have unanimously approved the transaction.

The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share.
http://biz.yahoo.com/bw/080316/20080316005053.html?.v=1

I guess with a closing price of $30 per share. I am guessing Bear Stearns will open down 93% Monday morning.
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post #8 of 8 (permalink) Old 03-16-2008, 08:02 PM
 
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LOL gold is already at $1020, it looks like the banks will collapse sooner than expected.
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