JP Morgan Chase Bank today bought the troubled Bear, Stears for $2 per share.
One month ago Bear, Stearns stock price was $80 per share.
Not even the SIF could save them.
(See below for info on SIF.)
The Federal Reserve Open Market Committee held an emergency meeting today which resulted in a cut of 3/4 of a point in the Discount Rate, the rate the Fed charges member banks to borrow from it.
These are actions indicative of the most serious financial crises since the Great Depression, and most of its facets have yet to emerge.
The Bush Administration has shown either a callous lack of concern for what it happening or complete imbecility!
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