Banking, finance, and taxes
Bear Stearns (BSC) Wiped Out, JP Morgan (JPM) Takes Over
Published:
Most on Wall St. thought it would come to this, but few thought the price would be so low. JP Morgan (NYSE: JPM) will take over Bear Stearns (NYSE: BSC) for $2 a share.
A year ago Bear Stearns traded at nearly $170. The question now is whether the deal will cause a panic in the markets and pull down the shares of other brokerages and banks at the open.
Douglas A. McIntyre
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