The Subprime Mess Claims Its First Blue Chip Victim

Other Category: General Info & Updates

March 16, 2008
Dan
economy, recession

JPMorgan Chase announced today that it will acquire Bear Stearns for $2 a share today. On Friday, Bear Stearns’ stock price closed at $30.00 on Friday. This is already down close to half over its Thursday close. In addition, it is 81% down from its high for the last year of $159.36. The subprime mess claims its first blue chip victim.

The Subprime Mess Claims Its First Blue Chip Victim

Bear Stearns, a major investment banking, securities trading, and asset management company and a Wall Street institution was forced on Friday to accept a loan package from JPMorgan Chase and the US Federal Reserve System on Friday. This loan from the Fed represents the first time the Fed had bailed out a non-bank financial institution since the Great Depression.
The plot thickens.

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