Sunday, March 16, 2008

Bear Goes for $2

While I was gone for the weekend enjoying the epic South By Southwest music festival, the financial markets almost melted down. Bear Sterns was rescued today by JPMorgan after the Fed stepped in Friday. Things got pretty nasty. Here is the 5 year chart on Bear Sterns stock price. JPMorgan bought them for$2/share, so this chart effectively goes to $0 tomorrow. Ugly.