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Bear Stearns Collapses

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  • #106
    Originally posted by Geronimo
    The dow closed up slightly for Monday?

    Wouldn't we have expected at significant loss for today at least?
    The S&P 500 -- a broader market gauge than the Dow -- went down a percent or so. Means to me that everybody piled into the biggest of the big names.

    This morning's market moves are completely FUBAR, on the other hand.
    I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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    • #107
      I should have bought Lehman yesterday. I had a hunch this was going to happen.
      DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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      • #108
        Originally posted by Colon™
        I should have bought Lehman yesterday. I had a hunch this was going to happen.

        I was going to suggest it on Poly yesterday. Of course I don't have the money to invest.
        I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
        - Justice Brett Kavanaugh

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        • #109
          Theoretically someone could have gotten a return of 100% in less than 24 hours. That beats most offers I receive in my mailbox.
          DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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          • #110
            They announced earnings today and seem to have done well there. They were heavily shorted and a lot of people are covering. The Fed is expected to make more cuts, and there will probably be a decent general rally if they don't disappoint. LEH could very well still be a 0, nothing much has changed in the last few days. Even BSC got a 15pt pop right before they kicked the bucket.

            Much safer investments out there. When a stock is losing half it's value in a day, and doubling the next, that's your cue to leave it the hell alone. Unless you're into gambling, which is basically what being in LEH (long or short) is right now.

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            • #111
              Don't be such a bore.
              DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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              • #112
                Originally posted by Aeson
                So... $40 to $2 in the 3 days after the CEO had gone on TV and said everything was fine. If I was a shareholder...
                Class action suit filed today for allged stock fraud.

                Is anyone else really suspecious that on Friday, BS was selling at $30, and over the weekend, a deal was cut for a $2/share takeover, and the SEC approved it during the same weekend?

                I suspect a lot of money flowed under some table somewhere. And I further suspect, Chase will make hundreds of millions out of its takeover of this "worthless" company.

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                • #113
                  Isn't just the building it is housed in worth more then 2$ per share price?

                  JM
                  Jon Miller-
                  I AM.CANADIAN
                  GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.

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                  • #114
                    Way more.
                    "The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
                    Ben Kenobi: "That means I'm doing something right. "

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                    • #115
                      Apparently so. This may be a move to give JPM some additional assets.

                      Also the put options trading stuff was fishy up to this. doubtful the SEC will do anything about it though.

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                      • #116
                        Bear didn't just have assets though, they also had debts. The Fed guaranteed $30 billion of Bears' less liquid assets (er... stuff no one is currently willing to buy) for JPM, which probably gives Bear's shareholders some valid complaints...

                        Why should the Fed guarantee the assets for JPM, but not have done the same for Bear in the first place?

                        There's a few possible answers, but I think the most likely one is Bear was insolvent with or without it, but JPM could take on the assets and debts and make it work (with a little help), and the Fed was worried of a domino style collapse if they just let Bear go.

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                        • #117
                          They may not have owned the building, either (certainly many companies rent the space their offices are in, not sure if banks are more or less likely to do that). Either way, debts >> assets I'm sure; and there are definitely fishiness in this matter I'd think, whether on JPMC's part or on BS's exec's part.
                          <Reverend> IRC is just multiplayer notepad.
                          I like your SNOOPY POSTER! - While you Wait quote.

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                          • #118
                            They owned the building, and it is valued at $1.2B.

                            Have you guys actually read this document -- it's like 48 pages for the JPM-Bear Stearns stuff, there's no way this was done this weekend alone. Fishy fishy fishy.
                            "The issue is there are still many people out there that use religion as a crutch for bigotry and hate. Like Ben."
                            Ben Kenobi: "That means I'm doing something right. "

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                            • #119
                              2$/share doesn't appear fishy if you consider nobody was willing to pay any money for Northern Rock at all.
                              DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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                              • #120
                                Originally posted by Aeson
                                Why should the Fed guarantee the assets for JPM, but not have done the same for Bear in the first place?
                                They should have done what they thought would maintain the most investor conficence. Maybe they figured that people believe that consolidation will strengthen the industry.
                                I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
                                - Justice Brett Kavanaugh

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