Bear Stears Down the Tubes

by Dual Income No Kids on March 16, 2008 · 0 comments

Hello All,

Just saw this one the news wire from Yahoo. Evidently JP Morgan is buying the once mighty Bear Sterns for 2 dollars a share. That’s right, folks – 2 bucks a share. For those of you who don’t follow stocks, that means that Bear Sterns is worthless. The total purchase price that JP Morgan is offering is approximately $236 million, which is essentially paying for the staff, the office equipment and buildings. There was no provision in the offering price for cash flow, because Bear Sterns doesn’t have any. That’s right, BC is effectively bankrupt, kaput, out of business.

It’s being called the first major casualty of the recession.

All I can says is “wow”.

Check out the story here.

Best,

James

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