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BREAKING: NY AG sues JPMorgan Chase over mortgage-backed securities; case first of series expected against banks by WH task force - WSJ
Laurian
(2,593 posts)dkf
(37,305 posts)Ironic.
bigtree
(85,996 posts)dkf
(37,305 posts)In a shocking deal reached on Sunday to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear less than one-tenth the firms market price on Friday.
The deal for Bear, done at the behest of the Fed and the Treasury Department, punctuates the stunning downfall of one of Wall Streets biggest and most storied firms. Bear had weathered the vagaries of the markets for 85 years, surviving the Depression and a dozen recessions only to meet its end in the rapidly unfolding credit crisis now afflicting the American economy.
http://www.nytimes.com/2008/03/17/business/17bear.html?pagewanted=all