Chase Buys Bear Stearns for $2/share
16 March 2008 8:00 pm by Taylor Marsh
Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run
on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere
$2 a share, narrowly averting a collapse that threatened to cascade through
the financial system.
Via
Sean-Paul, the Fed also cut rates by a quarter point. Sean-Paul has more on the Bear
Stearns sale as well.
Buh-bye dollar.
Not good for Republicans, that is, if Democrats can get their act together. I’m not betting on it.
