I could have easily put half my worth into Bear Stearns 6 months ago. YIKES!
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Bear Stearns OUCH!
by 5thGeneration 5 Replies latest jw friends
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5thGeneration
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ShirleyW
How do you think I feel, I work at Lehman and they're saying that they're next!! They closed today at $20 per share today, I'm contract though, not on the payroll, but still I'm supposed to be back in the office on Wednesday, today's Monday evening, so let's see if I still have an assignment on Wednesday morning ! ! !
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Dino
What a bloodbath!
Traders were shaking their heads last Friday and wouldnt jump in at $30 a share. My God, this stock was trading well above $100 a share just a few weeks earlier.
However, no one expected a burial instead of a buyout on Sunday. Jamie Dimon will add several more billions to his net worth because of this gift from the Fed.
To describe JP Morgan's buyout as a fire sale is the biggest understatement of the year. Bear Stearn's building in New York is worth at least a cap of $8-$9 a share.
I'm shaking my head as the Fed could have backed the Fannies and Freddies instead of consolidating this huge wealth with Morgan/Chase.
But I suppose the memory on Wall Street goes back a long way back as Bear Stearns wouldnt help out LTCM to preserve their own liquidity so I think this is payback somehow.
ShirleyW, here's hoping Lehman doesnt go the way of the DoDo bird. Just from my point of view, I think the Fed will pull out a different tool out of their box for you guys and good luck!
Dino
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ShirleyW
Thanks Dino !
There's an article on Bloomberg saying it's not that bad for Lehman, however, i kinda know the guy who wrote the article, when I was in their Corp Communications dept. he and my boss were/are very close, so don;t know if it was out of his "love for Ms. Burns" or if his article is the real deal.
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sammielee24
I watched the CEO of Bear Stearns on television just 2 days before they crashed and he looked calmly into the camera and lied his freakin face off about how solid they were doing. No problems there he said, all rumours. If the CEO of any of these investment houses walk away with a mega bonus, then I think people better start a major revolt. sammieswife.
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Dino
Hello again Shirley! It was a great day for Lehman. Their shares soared almost 50%. Here's hoping you ride the wave.
sammieswife, their payoff happened in January of '08 when BILLIONS were paid out in bonuses. The Fed prevented bankruptcy of Bear Stearns and enabled these scoundrels to keep their homes in the Hamptons and Aston Martins. If they were to go bankrupt, all of that money would have to go back.
The Fed keeps the patient as sick as possible without letting it die.
Dino
