Bear Stearns gets bit by the bear market
Okay, this is totally off topic for this blog, but, I feel compelled to add a post. The venerable Bear Stearns is out, but the show will continue due to J.P. Morgan and the Fed stepping in. On Friday Bear Stearns’ shared dropped $27 to $30 a share (down heavily over last year). This was no doubt a busy weekend for the investment bankers. Today, J.P. Morgan announced — ahead of trading in Asia — that it was buying Bear Stears for $2 a share. Ouch. But, with high employee ownership and influential clients and assets, this keeps it from the likes of an Enron fallout, and then some (different scenario all together). Why am I posting? Well, with the Financial sector in ruins, a housing bust, a broken dollar (great if you’re selling toys to China), $1000+ gold and $100+ oil… as an online guy… I’d have to say we’re back in 2002, only that the online side hasn’t really felt it yet. (with that said, as Cramer would say, buy..buy..buy..on GOOG. Tech is on sale, if you have cash.) When the sea level goes down, it affects the entire beach. let’s just hope the tide starts coming back in before online starts to feel it. On the up side, there is SO much innovation in the works! And that will keep the country moving.
Sphere: Related ContentJ.P. Morgan Rescues Bear Stearns
Bear Stearns Cos. reached an agreement to sell itself to J.P. Morgan Chase & Co., as worries grew that failing to find a buyer for the beleaguered investment bank could cause the crisis of confidence gripping Wall Street to worsen. …
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