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JPMorgan Chase buys Bear Stearns for $2 per share


Submitted by John on Sun, 2008-03-16 21:02.

http://biz.yahoo.com/ap/080316/jpmorgan_bear_stearns.html

NEW YORK (AP) -- Just four days after Bear Stearns Chief Executive Alan Schwartz assured Wall Street that his company was not in trouble, he was forced on Sunday to sell the investment bank to competitor JPMorgan Chase for a bargain-basement price of $2 a share, or $236.2 million.

Stunning. BSC closed at $30 on Friday and was as high as $159 in the past year. Ouch. 2 bucks.

Don't worry, the crisis is "contained"...

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