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Bear Sterns bought by JPM for $2 per share!

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So JP Morgan managed to pick up Bear Sterns for $2 per share compared to their Friday closing of $30. I don't think there are many finance people here, but any comments? Views?

I think it's a good thing because the workers at BSC might actually be able to retain the majority of their workforce, instead of going belly up.

Edit, apparently JPM is not even paying for the $1.2B headquarters. BSC might just be in really deep shiit then what was previously thought.

Edited by Aboo

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Tommorow is gonna be a Black Monday. May I ask how much you have in them? Cause, I would drop it quickly. They expect it to hit rock bottom.

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Haha, if I had any stock in them, I'd be crying right now. I don't own any stock at all.

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Yeah, I read about that and was pretty shocked. And it truly is ironic that they paid less for the bank than what their headquarters is worth... I just hate how the Americans have ****ed up their economy and now we will have to suffer for it too. Thanks a lot, Mr. Greenspan. And now the current boss of Fed is lowering interest like hell, which means Europe suffers even more as we aren't lowering interest rates here...

Well, at least the dollar is cheap for me right now... I get about 1.60 US$ for 1€ which is pretty nice compared to the 1.20-1.30$ that I've been used to :P Though I'm not planning to travel to America atm so it doesn't really help in that sense...

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