Talk about wealth destruction, JP Morgan has cut a deal to acquire Bear for $2 dollars a share. I wonder if Buffett would take that offer? I doubt it. Link here.
From the Wall Street Journal:
The deal values Bear Stearns at just $236 million, based on the number of Bear shares outstanding as of Feb. 16. At the end of Friday, Bear's stock-market value was about $3.54 billion.
Oh man, oh man, oh man!
Nota bene: Seems to me we're looking at a dollar crisis too. At what point will international banks start calling it that? $1.60 Euro? 95 Yen to the dollar? $2.15 to the Pound?