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JP Morgan Buys Bear Stearns for $2 a Share

Deal rushed today to avoid filing for bankruptcy

By Neal Colgrass, Newser Staff

Posted Mar 16, 2008 6:35 PM CDT

(Newser) – JP Morgan has agreed tonight to buy Bear Stearns for a scant $2 a share, a bargain-basement price—stock closed at $30 a share—that demonstrates the urgency of staving off the collapse of the venerable investment bank and widespread panic in financial markets, the... Read full story »

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stock market • Wall Street • Bear Stearns • acquisition • Asian markets • James Dimon • JPMorgan Chase

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Angry Shareholders Want More for Bear Stearns

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(NEWSER) - Bear Stearns shareholders are threatening to vote against its sale to JPMorgan, saying the $2 price per share for the nation’s fifth largest investment bank is unrealistic; speculators seem to agree, trading up Bear stock to $5.91 yesterday, a 23% bump. Expect some serious brinkmanship to force a higher offer or lure another bid, reports the Wall Street Journal. More»

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(NEWSER) - While he steers clear of the Great Depression, everything else is fair game as reference in James J. Cramer’s apocalyptic appraisal of Wall Street for New York. In Cramer's 25 years, he's seen lots of implosions, but this one is different: With thousands of layoffs at major shops, and billions more in write-offs expected, he sees no place for canned employees—or investors—to flee. More»

JPMorgan Leads Hunt to Place Bear Workers

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(NEWSER) - JP Morgan hopes to find jobs for 5,000 Bear Stearns employees cut when it acquired the brokerage in March, the Financial Times reports. CEO Jamie Dimon is sending letters to rivals and clients, and the company has contacted 1,800 firms urging them to consider former Bear workers. The approach could be used across Wall Street, which has pared 65,000 jobs—and counting—amid the credit crunch. More»

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JP Morgan Buys Bear Stearns for $2 a Share

Deal rushed today to avoid filing for bankruptcy

stock market • Wall Street • Bear Stearns • acquisition • Asian markets • James Dimon • JPMorgan Chase

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More Newser Stories

Angry Shareholders Want More for Bear Stearns

Bargain basement $2 price sets up potential battle, lawsuits

JP Morgan CEO Emerges as Wall Street Force

Dimon builds on rep for staying cool in a crisis

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

Cramer: Never Seen Wall Street This Bad

Analyst sees no end in sight for layoffs and write-downs

JPMorgan Leads Hunt to Place Bear Workers

Firm pitches in to help 5K employees laid off after takeover

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