JP Morgan buys Bear Stearns for almost nothing — to head off financial chaos
JPMorgan Chase has agreed to pay a minuscule $2 a share to buy all of Bear Stearns after that 85-year-old banking institution began reeling from the nation’s credit crisis — a shocking deal because it represents less than one-tenth of the firm’s market price on Friday.
The deal, which values the firm at a mere $236 million, is the latest clobbering of the nation’s financial system. Asian markets are already in decline Monday (including a four… Continue Reading