toxic
03-14-2008, 10:47 AM
Just as we all figured. The government is going to bail out the investment companies that CREATED the subprime mess.
America is totally screwed.
http://www.nytimes.com/2008/03/14/business/14cnd-bear.html?ref=business
JPMorgan and Fed Move to Bail Out Bear Stearns
Published: March 14, 2008
Bear Stearns, facing a grave liquidity crisis, reached out to JPMorgan on Friday for a short-term financial lifeline and now faces the prospect of the end of its 85-year run as an independent investment bank.
With the support of the Federal Reserve Bank of New York, JPMorgan said in a statement that it had “agreed to provide secured funding to Bear Stearns, as necessary, for an initial period of up to 28 days.”
For the next month, JPMorgan will work with Bear Stearns to reach a solution for its financing crisis. Options could include organizing permanent financing or, according to people briefed on the discussions, buying the bank for a discounted price.
...
The announcement on Friday did little to prevent wholesale selling in the firm’s stock, which was down 47 percent at 11 a.m.
...
America is totally screwed.
http://www.nytimes.com/2008/03/14/business/14cnd-bear.html?ref=business
JPMorgan and Fed Move to Bail Out Bear Stearns
Published: March 14, 2008
Bear Stearns, facing a grave liquidity crisis, reached out to JPMorgan on Friday for a short-term financial lifeline and now faces the prospect of the end of its 85-year run as an independent investment bank.
With the support of the Federal Reserve Bank of New York, JPMorgan said in a statement that it had “agreed to provide secured funding to Bear Stearns, as necessary, for an initial period of up to 28 days.”
For the next month, JPMorgan will work with Bear Stearns to reach a solution for its financing crisis. Options could include organizing permanent financing or, according to people briefed on the discussions, buying the bank for a discounted price.
...
The announcement on Friday did little to prevent wholesale selling in the firm’s stock, which was down 47 percent at 11 a.m.
...