JPM is buying BSC for $2 per share. I guess they are the new "Two Buck Chuck" which, if you didn't already know, a $1.99 bottle of Shiraz that is carried at Trader Joe's. I've never had it.
I think that one of the spookiest things is this: If on Friday, BSC had a book value of $85 per share as reported on CNBC and it only fetched $2, that places some serious pressure on the other investment banks.
The overseas markets are falling hard as you might imagine 4-5%.
5 comments:
Your posts are great. I just got a chance to read them.
I've been swamped and have missed all the fireworks and, worse, am too tired to read all the yummy articles you've selected for us.
I'll try to catch up tomorrow and Tuesday, although I suspect that I'll be watching fireworks, not catching up.
Thanks for your great info!!
~ GemmaStar
GS--thanks for your nice comment.
At least as worrisome is the 30 billion that jpm can get from the fed. My understanding is that if Bears assets go bad then jpm won't be responsible for paying the fed back. Is that possible?
Leisa, this is off the subject but, maybe you could answer a question. Is there a website where I can listen to Don Coxe's weekly broadcast? I used to be able to find it but, have had no luck lately. Thanks, Bruce
The Fed did put a "put" in place for JPM. While the first, I cannot believe that they are the last. But no one truly knows.
Re Don Coxe--I only get them when my Dad sends a link. I generally post it here. They stopped providing these for non-BMO clients.
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