Re: Bear Stearns bank...kaput. taken over by rival bank JPMorgan

On Mar 17, 11:34 pm, baldeagle <botakea...@[EMAIL PROTECTED]
> wrote:
> Bear Stearns bank is one of the two largest global investment banks,
> securities trading and brokerage firms in the world. The other is
> JPMorgan Chase.
>
> Last year Bear Stearn share was  traded at $159 a share...last week it
> was $70 a share, Last Friday it was only $30. It is now insolvent with
> a subprime losses of over $3.2 billions.   JPMorgan Chase is to buy
> over Bear Stearns, at $2 a share.
>
> What happened !
>
> Two words...Subprime and credit crunch.
>
> Will it be the last or first of many to come ?
>
> Looking at the amount of subprime losses suffered by leading banks in
> the USA and Europe...(see table below), more banks will have to fold
> up soon.
>
> MAIN SUB-PRIME LOSSES SO FAR
> Citigroup: $18bn
> Merrill Lynch: $14.1bn
> UBS: $13.5bn
> Morgan Stanley $9.4bn
> HSBC: $3.4bn
> Bear Stearns: $3.2bn
> Deutsche Bank: $3.2bn
> Bank of America: $3bn
> Barclays: $2.6bn
> Royal Bank of Scotland: $2.6bn
> Freddie Mac: $2bn
> JP Morgan Chase: $3.2bn
> Credit Suisse: $1bn
> Wachovia: $1.1bn
> IKB: $2.6bn
>
> Source: Company re****t  by
BBChttp://news.bbc.co.uk/2/hi/business/7299938.stm
>
> Time to get rid of your bank shares before it become worthless.

Now our talents look for fools for what they have paid for UBS and
Merrill Lynch shares. A deal like that for BS is never made available
to foreigners. Don't know why they are so eager to get in, before the
dust settles.