Trading Places: JP Morgan Buys Bear Stearns For $2 Per Share
Bear Stearns To Hold ‘Everything Must Go’ Sale Later In Week
After requesting time to think about last week’s $15 per share proposal, Bear Stearns executives decided to sell the company over the weekend for $2 per share in a move some analysts are saying is indicative of why the company had problems in the first place.
JP Morgan bought the 85-year old brokerage firm with a low-ball bid on eBay after Bear Stearns had refused to specify a minimum bid.
“It was just an oversight on our part,” said one Bear Stearns vice-president, “Kind of like leveraging the entire firm on crappy mortgages.”
JP Morgan said it will hire some Bear Stearns employees and has contracted with scholastic prep company Kaplan to administer remedial math classes to those being retained.
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Hey, you never know…
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