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Friday, August 15, 2008

Bear Stearns purchased for just $2 a share



Matt Wrye, Staff Writer
Article Created: 03/17/2008 09:39:11 PM PDT
JPMorgan Chase & Co. purchased bankruptcy-bound Bear Stearns Co. for a meager $2 a share on Monday - just one day after the Federal Reserve cut its discount interest rate to 3.25 from 3.5.

The twin developments were just the latest signs of a national economy that appears to be skidding toward recession.

The two gigantic subprime underwriters, who created thousands of jobs during the recent housing boom, now might be destroying them.

Hundreds of financial-industry employees in San Bernardino and Riverside counties were axed over the past two years thanks to the same types of poisonous loans shelled out by investment banks like Bear Stearns.

"Bear Stearns was waist-deep in the subprime slump," said Kurt Eggert, law professor at Chapman University and former member of the Federal Reserve Board's Consumer Advisory Council. "To some extent, what we're seeing is poetic justice."
To read this entire story, please visit: http://www.paradigmshiftpr.com/bearsterns.htm

Posted by Paradigm Communications at 6:43 AM

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