Bear Sells for $2 a share

Bear Stearns Sells for $2 a share

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

quote:"JPMorgan's acquisition of Bear Stearns represents roughly 1 percent of what the investment bank was worth just 16 days ago. It marked a 93.3 percent discount to Bear Stearns' market capitalization as of Friday, and roughly a 98.8 percent discount to its book value as of Feb. 29." endquote

JPMorgan bailed out another investment bank? during the panic of 1907. So it's acquisition with 30 billion in Fed backing is a historic 100 years later. Since Bear Stearns began in 1923 it has weathered the Great depression, World War II, Korean War, Viet Nam, recessions only to be undone along with a lot of the mortgage investment world by overextended credit to consumers in the form of subprimes in a steadily downward housing market.