$2/share in stock (to add insult to injury). Whoa, Daddy.
From the article:
“One stumbling point appeared to be the amount of risk that J.P. Morgan would absorb in any type of transaction. While J.P. Morgan is eager to snap up some of Bear Stearns assets — such as its prime brokerage business that caters to hedge funds — Chief Executive Officer James Dimon was reluctant to pursue the deal without certain assurances that would protect his firm’s exposure, said people familiar with the matter.”
Uh huh… “certain assurances that would protect his firm’s exposures.” I think we know what that means. Looks like we taxpayers will be funding Bear Stearns’ losses after all. It sure as hell ain’t gonna be JP Morgan Chase. Dimon’s no dummy… for now at least. He had Bear and the US taxpayers (via the Fed) over a barrel… and boned all of us. Well done.
