Now things are getting interesting...
I'd like to see the crap toxic mortgage CDO's the US taxpayer via the New York Fed just bought.
Oh, wait, no, I really WOULDN'T like to see the crap toxic mortgage CDO's the US taxpayer just bought.
This one's not surprising, but what is amazing (and illegal) is that Bear's CEO Alan Schwartz put out these false and misleading statements this week:
Exhibit A: "Our balance sheet has not weakened at all," he said. "We don't see any pressure on our liquidity."
Exhibit B: "We don't see any pressure on our liquidity, let alone a liquidity crisis"
Exhibit C: "there is absolutely no truth to the rumors of liquidity problems that circulated today in the market"
COME ON MAINSTREAM MEDIA - GET ON THIS STORY LIKE FLIES ON SH*T. THE US TAXPAYER IS BEING ROBBED IN THE NIGHT AND YOU LAZY BUMS DO NOTHING!!!
JPMorgan Chase, With Federal Reserve Bank of NY, to Provide Funding to Bear Stearns
NEW YORK (AP) -- The federal government and JPMorgan Chase & Co. teamed up on a bailout of Bear Stearns Cos. on Friday, a last-ditch move to save the investment bank, which acknowledged its dire financial straits after a week of firm denials.
Bear Stearns lost half of its value within 30 minutes of the market open.
While it was not clear exactly how much money Chase would pump into Bear, a person familiar with the bailout, who spoke on condition of anonymity because the talks are private, said Chase may end up buying Bear Stearns outright.