Bear Stearns is the nation's fifth-largest Investment Bank who received a bailout today by the Federal Government and JPMorgan Chase & Co. in a last-ditch effort to save the 86-year old institution.
Bear Stearns made its fortune dealing in opaque mortgage backed securities and lost 1/2 of their value within 30 minutes of the market open, before climbing back a bit to be down 41 percent by mid day.
Can you say, Depression?
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
The Federal Reserve is not the Federal Government.
ReplyDeleteThere's a bit more to the story than just that. It's actually quite unnerving.
ReplyDelete