Two Dollars A Share


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?


Sean Paul Kelley March 16, 2008 - 7:27pm
( categories: The Markets )

EOM



“les Etats-unis, c’est le seul pays à être passé de la préhistoire à la décadence sans jamais connaitre la civilisation…”...Georges Clemenceau

barrisj redux March 16, 2008 - 7:34pm

Did shareholders lose it? Perhaps it never existed...

creativelcro March 16, 2008 - 7:58pm

Most of these bucks never really existed--now the market's bluff is being called. The Fed is using all the smoke and mirrors at its disposal to convince us that the dollars were real.

"Well, there is one fragmentary source which alludes to it as a 'Negative Twist of Nothingness.' " - Walter M. Miller, A Canticle for Liebowitz

Barter, anyone? I understand that applications for patents on BLM land under the Mining Act of 1872 are at an all-time high.

Petronius March 16, 2008 - 8:57pm

http://en.wikipedia.org/wiki/Amero

while reading on the amero just now i came across this, which surprised me (if true):

While physical U.S. dollars are issued by the Department of the Treasury (in paper form by the Bureau of Engraving and Printing, in coin form by the U.S. Mint), most dollars in existence are not in physical form, and the value of the dollar is largely controlled by the actions of the Federal Reserve in lending and purchasing government securities.[citation needed]

Zuma March 16, 2008 - 10:23pm

Worthless without water.
I've been over some of it in San Bernardino county.

Bit dry.

Now the 500 acres in Monterey county, with wells, looks much better.

Synoia March 17, 2008 - 12:26am

4 plugged nickels, instead of 2?

http://mauberly.blogspot.com/

mauberly March 16, 2008 - 8:05pm

And announced Sunday night? Talk about dropping a bomb.

tjfxh March 16, 2008 - 8:54pm

...will assure us that everything's just hunky-dory tomorrow.

Petronius March 16, 2008 - 9:01pm

is only available for the banks that facilitated the foreclosure crisis, not the people losing their homes.

So, we have to fight that bankruptcy reform bill because people have to be accountable.

Unlike financial institutions that are "too big to fail".

Bare sterns, indeed.

AMC March 16, 2008 - 9:59pm

Shakespeare said it best:

"First thing we do is nationalize the investment bankers."

Or something like that. I don't like to remember "The Comedy of Errors". Too painful.

AMC March 16, 2008 - 11:16pm

If the announced price for BSC is $2/share, why is it trading at nearly twice that this morning?

Petronius March 17, 2008 - 12:58pm

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