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Sunday, March 16, 2008

Desperate Times...

Bear Stearns just sold itself to JPMorgan Chase for $236.2 million, which translates to a pathetic $2 per share. Holy shit!! As of Friday, Bear's stock was trading at $30 a share. Damn!! This subprime mortgage drama is a bitch!

So you know the world is in complete financial disaster when one of the largest I-banks gets bought out for a fraction of its market cap, with the Government assisting via special financing.

Now, I assume there'll be some layoffs and whatnot, since it's already happening at other banks. And not to capitalize on the misfortune of others, but I'm still waiting for the New York housing market to drop because I'm tired of renting. Maybe this will push that process along :)


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