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Too late. The new deal has been reached.
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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 -
link?You just wasted six ... no, seven ... seconds of your life reading this sentence.Comment
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Here are the details for Oerdin...
Text of New York Fed Statement
March 24, 2008 10:54 a.m.
Statement on Financing Arrangement of JPMorgan Chase's Acquisition of Bear Stearns
At the closing of the merger, The Federal Reserve Bank of New York ("New York Fed") will provide term financing to facilitate JPMorgan Chase & Co.'s acquisition of The Bear Stearns Companies Inc. This action is being taken by the Federal Reserve, with the support of the Treasury Department, to bolster market liquidity and promote orderly market functioning.
The New York Fed will take, through a limited liability company formed for this purpose, control of a portfolio of assets valued at $30 billion as of March 14, 2008. The assets will be pledged as security for $29 billion in term financing from the New York Fed at its primary credit rate. JPMorgan Chase will bear the first $1 billion of any losses associated with the portfolio and any realized gains will accrue to the New York Fed. BlackRock Financial Management, Inc. will manage the portfolio under guidelines established by the New York Fed designed to minimize disruption to financial markets and maximize recovery value.
Source: Federal Reserve Bank of New YorkI 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, 1891Comment
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It's all over the place, but here's the WSJ's version...Originally posted by Krill
link?
J.P. Morgan Agrees
To Increase Bear Price
By KEVIN KINGSBURY
March 24, 2008 11:11 a.m.
J.P. Morgan Chase & Co. has agreed to quintuple the price it will pay for Bear Stearns Cos. to $10 a share, hoping to stem criticism that the banking giant was getting too sweet a deal to snap up the ailing investment bank.
The company will also buy 95 million new shares of Bear, giving it a 39.5% stake in the company and a big leg up in getting shareholder approval to approve the takeover. The purchase is slated to close by April 8.
The revised deal, which was negotiated over the weekend, is aimed at mollifying Bear's investors who have been furious with the $2-per-share agreement struck last weekend as the storied investment bank was on the brink of collapse.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, 1891Comment
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And the Fed agreed to this?
You just wasted six ... no, seven ... seconds of your life reading this sentence.Comment
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[q=BBC]The investment bank will now take on the first $1bn of any Bear Stearns' losses and the Fed will fund remaining $29bn.[/q]
You just wasted six ... no, seven ... seconds of your life reading this sentence.Comment
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Precisely so, Krill. And Bear gets a parting gift for leaving this turd on the Fed's doorstep.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, 1891Comment
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Couldn't you get some CIA snipers to go pay back the directors of Bear Stearns?You just wasted six ... no, seven ... seconds of your life reading this sentence.Comment
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I like your style, Krill. These folks have a decidedly one-way notion of foreclosure.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, 1891Comment
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Congress has to agree to any use of public funds. The Fed is using their own money at this point. Unless anyone knows for sure otherwise. I can't find anything about the Fed actually using public funds.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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So they announce a $2 deal, the stock of course tanks to almost $2... someone buys up a bunch of $2-$5 stock... and now the deal is $10 so the stock pumps to $14 before a heavy selloff.
Obviously the next move here is for the deal to fall through and BSC goes bankrupt.[/tinfoilhat]Comment
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You raise a good point.Originally posted by Oerdin
Japan 1990 here we come! Isn't the Republican no regulation philosophy great?
Whatever happened to solid conservatism? This is one thing I can't understand. Is there no party who is willing to regulate just enough to prevent fraudulent practices, and leave it at that?Comment
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The Fed has $29 billion laying around in its vaults??Originally posted by Kidicious
Congress has to agree to any use of public funds. The Fed is using their own money at this point. Unless anyone knows for sure otherwise. I can't find anything about the Fed actually using public funds.
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Probably significantly more than that, yes. They have lots of money laying around for loans - that's their purpose in life...<Reverend> IRC is just multiplayer notepad.
I like your SNOOPY POSTER! - While you Wait quote.Comment
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As of March 20, they have $890b in assets, $850b in liabilities, $40b total capital.Comment
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