> The supposed "bailout" of Bear looks more like daylight
> robbery by Morgan and the Fed--their Manhattan headquarters alone is
> worth *4 times* the "offer they can't refuse" ...
Don't forget that the probable value of Bear's other holdings is negative.
If I have $10M of debt and a $4M asset, selling the combined -$6M value for $500k doesn't make it a steal.
/jordan