zhandax

Bear Stearns Shareholders Sacrificed for the Economy

They seized the 9-month old thrift I was working for in 1985 and made at least $10mm on the deal which we had targeted to add to our net worth. It was merged with some BFE shop and both were later taken over by Glendale Federal which got Glendale into Florida and was eventually absorbed by Citigroup.

The Fed GAVE Bear to JPM. How can you resist this deal...."You can buy it for $236mm; the building alone is worth $280mm, they made almost that much in earnings last year, and we'll throw in the net $11B bond portfolio for free and guarantee you against the worst $30B of crap?"