On Mar 19, 2008, at 12:46 PM, Jordan Hayes wrote:
> Shane writes:
>
>> 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.
No kidding. I think JPM has set aside $6 billion to make good on Bear's bad assets. They're paying $2 a share to acquire some bad debts.