$150 to Two buck Bear... Ouch. This isn't over either. S&P is going to look really foolish soon. Maybe as foolish as the Yale "permanently high platau" quote.
OUCHIE!
The sad thing is that probably 70-90% of the BSC workforce had nada to do with the blow up and they are probably out of a job. Still, ride it on the way up and down I guess. I will not shed any tears.
Hey that $2 bid saved the execs their bonus money paid out in January. If they had gone BK the execs would have had to pay it back. Long live the Fed!!!
Marcus Aurelius > It probably did not even belong to the person who taped it there. It was borrowed from another person with a promise to cover if something went wrong. BS is subprime now, too.
There is a rumor (conspiracy theory?) that there is a group of investors, possibly semi-terrorist, who are taking aim at the investment banks one-by-one with concentrated short-selling and rumor-mongering to drive down the share price and create a "run" atmosphere.
Sounds nuts. But so far, so good.
Hey, what's good for the PPT is good for the gander.
Does it really look like the Bear Sterns shareholders are going to improve this deal? There seems to be a consensus that more can be gained via bankruptcy.
It really is weird that the Dow is being ramped while the S&P languishes. I guess the PPT or some buying cabal of banks figures that Joe public and Bob foreigner only looks at the Dow.
It really is weird that the Dow is being ramped while the S&P languishes. I guess the PPT or some buying cabal of banks figures that Joe public and Bob foreigner only looks at the Dow.
Really I can see somebody thinking that way - Joe 6 Pack only gets worried about triple-digit declines, so screw the S&P.
The shareholders have nothing to loose by voting this deal down. Just for spite, they should ban together and file for an injunction or do whatever it takes to kill the deal.
The Fed should take one dollar bills out of circulation and exchange them for two dollar bills, because the on dollar bills are only worth about 40 cents
However, The fed is going to print a lot more money, thus just move to the five dollar bill and have a little breathing room?
JPMorgan is paying $250 million and setting aside $6 billion for litigation AND SEVERENCE COSTS! In other words, the jackasses who wrecked the company are going to get paid anyway.
Crispy&Cole writes:
I think this "buyout" is only a temporary hold to stave off a bank run
yesterday after I said "Two Bucks?" a zillion time, this was my suspicion, too. The backend of BS had to remain strong or at least the optics of strength were necessary.
trail the severance costs aren't going to begin to cover the loss in stock value for these people. Look up the employee holdings, especially upper mgmt. They just got clobbered.
Ipodius, I agree with you, but I expect the severence costs will be distributed in an inequitable fashion. $6 billion goes a long way toward compensating the top 50 or 75 executives for their losses. My guess is that the stockholders will come out losers but the management will do ok.
If you go out in the woods today
You're sure of a big surprise.
If you go out in the woods today
You'd better go in disguise.
For every bear that ever there was
Will gather there for certain, because
Today's the day the teddy bears have their picnic.
Chorus:
Picnic time for teddy bears,
The little teddy bears are having a lovely time today.
Watch them, catch them unawares,
And see them picnic on their holiday.
See them gaily dance about.
They love to play and shout.
And never have any cares.
At six o'clock their mommies and daddies
Will take them home to bed
Because they're tired little teddy bears.
Just coming online and maybe I missed a discussion on this.
But after Japan market last night and then Europe, I expected a real bloodbath here. Well thats not happening.
I for one , contrarian that I am, want to give a large vote of thanks to Bernanke and the Fed for they way they were able to stabilize the market.I find the $30bil even if all used will be well spent
It has been a while since I could feel there was intelligent guidance in this country. At least now we have it at the Fed.
Plschwartz,
Please...
Today's trading action is NORMAL. I termed this when it was obvious reaction to major stress, "choppy waters". This is normal trading action, around zero from the prior day.
I wonder if Bear would be "Better Off Dead" than suffering this humiliating price per share ... are BS shareholders really saying "I want my two dollars!"?
Perhaps the current price is reflecting the fact that they believe they'll get a better offer or will not accept? Short Covering maybe? Who the hell knows?
Lets see, JPM is going to set aside $6B for lawsuits and severance. This is 25 times the $236M they are going to pay share holders at $2 per share.
They could give the share holders $30 per share and still have some left over for severance. If they gave $30 to the shareholders, they wouldn't have the lawsuits. I guess I don't get this.
GD writes:
I wonder if Bear would be "Better Off Dead" than suffering this humiliating price per share ... are BS shareholders really saying "I want my two dollars!"?
JR in SD writes:
Perhaps the current price is reflecting the fact that they believe they'll get a better offer or will not accept? Short Covering maybe? Who the hell knows?
I was kinda expecting that the people that are buying the stock at $4.80/share would know.
Bear is an affectionate gay slang term for those in the bear communities, a subculture in the gay community and an emerging subset of LGBT communities with events, codes and culture specific identity.
Second
Come here, Lehman! Come here right now!
Noogie, noogie, noogie!
AW, quit it. I said quit it!
At least it isn't a tulip.
Credit goes to JPM, of course
some bobblehead just pointed out
JPM paid less for BSC than the Yankees did for A-Rod ($275M)
ROTFL
At least there is a sense of humor.
$150 to Two buck Bear... Ouch. This isn't over either. S&P is going to look really foolish soon. Maybe as foolish as the Yale "permanently high platau" quote.
Got Popcorn?
Neil
OUCHIE!
The sad thing is that probably 70-90% of the BSC workforce had nada to do with the blow up and they are probably out of a job. Still, ride it on the way up and down I guess. I will not shed any tears.
Hey that $2 bid saved the execs their bonus money paid out in January. If they had gone BK the execs would have had to pay it back. Long live the Fed!!!
I'll bet it's not even real. The real ones say "Silver Certificate" at the top.
Marcus Aurelius > It probably did not even belong to the person who taped it there. It was borrowed from another person with a promise to cover if something went wrong. BS is subprime now, too.
I guess the Corp HQ is now worth $1,300,000,002.
ROTFLMAO.
For some reason a $3 bill seems even more appropriate.
I got it from Reuters:
$2
There is a rumor (conspiracy theory?) that there is a group of investors, possibly semi-terrorist, who are taking aim at the investment banks one-by-one with concentrated short-selling and rumor-mongering to drive down the share price and create a "run" atmosphere.
Sounds nuts. But so far, so good.
Hey, what's good for the PPT is good for the gander.
Barely & MA
ROTFL!
This is getting more and more crazy.....
Try this:
$2
$3 bill would be more appropriate. But then again I guess the $1 bill and the proverbial $3 bill are roughly the same thing now.
"izzatxeaux writes:
some bobblehead just pointed out
JPM paid less for BSC than the Yankees did for A-Rod ($275M)
izzatxeaux | 03.17.08 - 2:03 pm | #"
Looks like Bears should have gotten Boras on retainer, at least they could have kept the marketing rights and an increased signing bonus.
For some reason a $3 bill seems even more appropriate.
Damn you for getting there first. And I checked before posting too.
Wasn't the PPT supposed to be meeting at 2 p.m. today? Could that explain the dramatic ramp?
JPM paid less for BSC than the Yankees did for A-Rod ($275M)
izzatxeaux
A-Rod had a better year.
Does it really look like the Bear Sterns shareholders are going to improve this deal? There seems to be a consensus that more can be gained via bankruptcy.
Did you hear that Bear employees are gonna sue to get their money back?
Sounds like the dot.com bomb, no?
Except this time, real companies are disappearing in front of your eyes.
LOL @ DOW and S&P 500 being down by same amount.
I guess not enough $$$ to pump both futures?
We need a Kevin Bacon clip from "Animal House"...
Someone just traded a buttload of silver for stocks. I do not like the smell of fear. It stinks.
The current $2 bills aren't Silver Certificates. No sirree, they're Federal Reserve Notes.
Maybe the 2$ means everyone there is gay?
Doesn't any TIO money become available right about now? Getting a little thin there Hank, say brother can you spare a dime?
Someone needs to put one of these certificates on the window of The White House!
Kudos to the wiseacre who slapped the 2 spot on the window.
I think this "buyout" is only a temporary hold to stave off a bank run.
They know it will be turned down by the s/h, however, the fed buys time to de-lever bear and then in a year they are back on their feet.
Well played Mr. Bernanke!
"LOL @ DOW and S&P 500 being down by same amount.
I guess not enough $$$ to pump both futures?"
It really is weird that the Dow is being ramped while the S&P languishes. I guess the PPT or some buying cabal of banks figures that Joe public and Bob foreigner only looks at the Dow.
All is well; now give us your money.
Did you hear that Bear employees are gonna sue to get their money back?
Them and the shareholders should sue the execs to get every friggin' bonus dollar they've recieved in the past 5 years back.
From what I read 1/3 of the shares are held by employees.
"Maybe the 2$ means everyone there is gay?"
or emasculated
It really is weird that the Dow is being ramped while the S&P languishes. I guess the PPT or some buying cabal of banks figures that Joe public and Bob foreigner only looks at the Dow.
Really I can see somebody thinking that way - Joe 6 Pack only gets worried about triple-digit declines, so screw the S&P.
energyecon -
ya mean this ?
http://www.tigersweat.com/movies/animal/house13.wav
The shareholders have nothing to loose by voting this deal down. Just for spite, they should ban together and file for an injunction or do whatever it takes to kill the deal.
The Bucks have stopped here.
CITIBANK IS BK TOO.
Oh, I'm sorry, it too is worth 2 bucks a share, so I guess they're insolvent, not BK.
Bullshit.
They got a big bowl of Whack-a-Mole, and some chips to go wit' da' dips.
The Fed should take one dollar bills out of circulation and exchange them for two dollar bills, because the on dollar bills are only worth about 40 cents
However, The fed is going to print a lot more money, thus just move to the five dollar bill and have a little breathing room?
Did someone say $3 bill ?
Behold, the new $3 bill!
NCC looks to be next - down 45%.
I think the approach of wacking a zero off the denomination will suffice.
JPMorgan is paying $250 million and setting aside $6 billion for litigation AND SEVERENCE COSTS! In other words, the jackasses who wrecked the company are going to get paid anyway.
Sanctity of contract.
Crispy&Cole writes:
I think this "buyout" is only a temporary hold to stave off a bank run
yesterday after I said "Two Bucks?" a zillion time, this was my suspicion, too. The backend of BS had to remain strong or at least the optics of strength were necessary.
trail the severance costs aren't going to begin to cover the loss in stock value for these people. Look up the employee holdings, especially upper mgmt. They just got clobbered.
They have this wrong, the two dollar bill is not adjusted for inflation, thus it's just a symbolic metaphor....
Could be part of the new Smokey the Bear ad campaign.
"Only dubba-you can cause bank fires
or
"Bear Stearns, Bear Stearns, whatcha gonna do;
Whatcha gonna do when they come for you..."
Any one here watching MF Global? Waazz -up wit it?
...a veritable conundrum wrapped in an enigma...
From JP Morgan today:
"it was a very well run, tight operation with good risk controls and a risk discipline that was very similar to our own."
The key phrase, "VERY SIMILAR TO OUR OWN".
JPM, but for the outrageous FedRes giveaway (ah you gotta love the Republican laissez faire fraud line), is in the same boat.
How long will you and I stand for the FedRes destroying our fiat store of value? Are we that passive?
Emasculation is Bernanke's problem, Bush's reality, Paulson's choice; but it's not mine.
USD's...the world's newest "Continental".
They're all BK. Expect it. Own it. Be responsible and responsive to it.
Sue the Fed Govt and Fed Res; where are the class actionists?
Ipodius, I agree with you, but I expect the severence costs will be distributed in an inequitable fashion. $6 billion goes a long way toward compensating the top 50 or 75 executives for their losses. My guess is that the stockholders will come out losers but the management will do ok.
My guess is that the stockholders will come out losers but the management will do ok.
trail | 03.17.08 - 2:38 pm
Was there ever any doubt?
I'm not that "BR", but I'm starting to think BR is Barry Ritholtz. What say, CR?
It's tuff out there, not even any good songs:
If you go out in the woods today
You're sure of a big surprise.
If you go out in the woods today
You'd better go in disguise.
For every bear that ever there was
Will gather there for certain, because
Today's the day the teddy bears have their picnic.
Chorus:
Picnic time for teddy bears,
The little teddy bears are having a lovely time today.
Watch them, catch them unawares,
And see them picnic on their holiday.
See them gaily dance about.
They love to play and shout.
And never have any cares.
At six o'clock their mommies and daddies
Will take them home to bed
Because they're tired little teddy bears.
And what does Congress have to say about this mess??
insert sound of crickets chirping here....
dow in gree
Don't give credit. It's too risky.
leh is vegas like action today!
22-26.80 range
Just coming online and maybe I missed a discussion on this.
But after Japan market last night and then Europe, I expected a real bloodbath here. Well thats not happening.
I for one , contrarian that I am, want to give a large vote of thanks to Bernanke and the Fed for they way they were able to stabilize the market.I find the $30bil even if all used will be well spent
It has been a while since I could feel there was intelligent guidance in this country. At least now we have it at the Fed.
Plschwartz,
Please...
Today's trading action is NORMAL. I termed this when it was obvious reaction to major stress, "choppy waters". This is normal trading action, around zero from the prior day.
From a surprised BS shareholder, "I invested my funds and my faith in BS, and all I got was this cheesy tee shirt!
Can anyone give me a a good explanation for why BSC is trading at $4.50, while 0.05473 shares of JPM are trading for $2.19?
I wonder if Bear would be "Better Off Dead" than suffering this humiliating price per share ... are BS shareholders really saying "I want my two dollars!"?
keep it simple--, I was just going to ask the same question.
Perhaps the current price is reflecting the fact that they believe they'll get a better offer or will not accept? Short Covering maybe? Who the hell knows?
Lets see, JPM is going to set aside $6B for lawsuits and severance. This is 25 times the $236M they are going to pay share holders at $2 per share.
They could give the share holders $30 per share and still have some left over for severance. If they gave $30 to the shareholders, they wouldn't have the lawsuits. I guess I don't get this.
1773-1776: "No taxation without representation"
2008-?: "No inflation without representation"
Is there a difference?
GD writes:
I wonder if Bear would be "Better Off Dead" than suffering this humiliating price per share ... are BS shareholders really saying "I want my two dollars!"?
roflmao..
1,3 euro for a bank !
Wait !!! Wait !!!! Wait !!!!!
I'm coming from Italy to buy it !!!!!!!!!!!!!!!!!!!!!!!!!
energycon: ... say brother can you spare a dime?
Looking back to the depths of the Depression in the CPI:
ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt
It seems that old dime is worth about $1.80 -- darn close to two bucks.
Baby, if you're feeling good
And baby if you're feeling nice
You know your man is workin' hard
He's worth a Deuce
The two buckaroo note.
Today's plugged nickel.
this is going to give all bears a bad name.........
JR in SD writes:
Perhaps the current price is reflecting the fact that they believe they'll get a better offer or will not accept? Short Covering maybe? Who the hell knows?
I was kinda expecting that the people that are buying the stock at $4.80/share would know.
Bear is an affectionate gay slang term for those in the bear communities, a subculture in the gay community and an emerging subset of LGBT communities with events, codes and culture specific identity.
A two buck gang pluck.
Fury and fine. Husky, hairy he-man Tom Chase kicks off Texas Bear Round Up in Dallas March 20-23
Dallas Voice :: Furry and fine