[davelj]

Real men of genius:

“Ridiculous, totally ridiculous.” – Former Bear Stearns CEO, Alan “Ace” Greenberg, March 10, addressing liquidity-crunch speculation

“We don’t see any pressure on our liquidity, let alone a liquidity crisis.” – Bear Stearns current CEO, Alan Schwartz, March 12

“We’re like totally fucked.” – Various Bear Stearns executives, 10 minutes ago

[davelj]

Real men of genius:

“Ridiculous, totally ridiculous.” – Former Bear Stearns CEO, Alan “Ace” Greenberg, March 10, addressing liquidity-crunch speculation

“We don’t see any pressure on our liquidity, let alone a liquidity crisis.” – Bear Stearns current CEO, Alan Schwartz, March 12

“We’re like totally fucked.” – Various Bear Stearns executives, 10 minutes ago

[davelj]

Real men of genius:

“Ridiculous, totally ridiculous.” – Former Bear Stearns CEO, Alan “Ace” Greenberg, March 10, addressing liquidity-crunch speculation

“We don’t see any pressure on our liquidity, let alone a liquidity crisis.” – Bear Stearns current CEO, Alan Schwartz, March 12

“We’re like totally fucked.” – Various Bear Stearns executives, 10 minutes ago

[davelj]

Real men of genius:

“Ridiculous, totally ridiculous.” – Former Bear Stearns CEO, Alan “Ace” Greenberg, March 10, addressing liquidity-crunch speculation

“We don’t see any pressure on our liquidity, let alone a liquidity crisis.” – Bear Stearns current CEO, Alan Schwartz, March 12

“We’re like totally fucked.” – Various Bear Stearns executives, 10 minutes ago

[davelj]

This is from the postings over on Calculated Risk:

***********
Marcus Aurelius writes:

Transcript of final 30 seconds of negotiations:

BSC: Two.

JPM: One

BSC: Two.

JPM: One

BSC: Two.

FED: JPM, we’ll back you.

JPM: Okay, two.

**************

Bwhahahahahaha!!! Or is it boo hoo hoo hoo hoo? Hard to say.

[davelj]

This is from the postings over on Calculated Risk:

***********
Marcus Aurelius writes:

Transcript of final 30 seconds of negotiations:

BSC: Two.

JPM: One

BSC: Two.

JPM: One

BSC: Two.

FED: JPM, we’ll back you.

JPM: Okay, two.

**************

Bwhahahahahaha!!! Or is it boo hoo hoo hoo hoo? Hard to say.

[davelj]

This is from the postings over on Calculated Risk:

***********
Marcus Aurelius writes:

Transcript of final 30 seconds of negotiations:

BSC: Two.

JPM: One

BSC: Two.

JPM: One

BSC: Two.

FED: JPM, we’ll back you.

JPM: Okay, two.

**************

Bwhahahahahaha!!! Or is it boo hoo hoo hoo hoo? Hard to say.

[davelj]

This is from the postings over on Calculated Risk:

***********
Marcus Aurelius writes:

Transcript of final 30 seconds of negotiations:

BSC: Two.

JPM: One

BSC: Two.

JPM: One

BSC: Two.

FED: JPM, we’ll back you.

JPM: Okay, two.

**************

Bwhahahahahaha!!! Or is it boo hoo hoo hoo hoo? Hard to say.

[davelj]

This is from the postings over on Calculated Risk:

***********
Marcus Aurelius writes:

Transcript of final 30 seconds of negotiations:

BSC: Two.

JPM: One

BSC: Two.

JPM: One

BSC: Two.

FED: JPM, we’ll back you.

JPM: Okay, two.

**************

Bwhahahahahaha!!! Or is it boo hoo hoo hoo hoo? Hard to say.

[davelj]

Yup, Breeze, I think you’re right:

http://online.wsj.com/article/SB120569598608739825.html

$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.

[davelj]

Yup, Breeze, I think you’re right:

http://online.wsj.com/article/SB120569598608739825.html

$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.

[davelj]

Yup, Breeze, I think you’re right:

http://online.wsj.com/article/SB120569598608739825.html

$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.

[davelj]

Yup, Breeze, I think you’re right:

http://online.wsj.com/article/SB120569598608739825.html

$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.

[davelj]

Yup, Breeze, I think you’re right:

http://online.wsj.com/article/SB120569598608739825.html

$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.

[davelj]

drunkle,

I’d prefer that neither the equity nor debt holders be bailed out. But IF we’re going to bail people out – and that’s a given as far as I can tell – the LEAST the Fed can do is let the equity of these companies go to $1 (or thereabouts). (They can wipe out the preferred holders as well, if they like.) Again, the debt holders should feel pain too. No doubt about it. But that may be asking too much from the current Fed. Thus, all I ask is that at MINIMUM the equity holders get hosed. Recall that we already have something called the FDIC which is going to bail out most bank depositors (which are really just banks’ senior most debt holders). Extending such protection to the next level of debt holders in the capital structure isn’t a stretch considering all the BS that’s been going on as of late.

[Author]

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