Tuesday Bear Stearns claimed they had good liquidity.
Thursday the cracks were showing as clients pulled billions out of the company.
Friday a huge bailout deal was thrown together so the Fed could loan money from the discount window through JP Morgan to Bear. By market closing the stock price had been severely beaten up and was siting at $30 , the powers that be decided the bailout had failed to stop a collapse of the stock and that the run on the bank would continue.
Tonight a $240 million dollar buy out of Bear Stearns has been reported giving stockholders who closed the week at $30 a share a meagre $2.
5 days people, that's all it took for many Billions to become $240 million, anybody not paying attention to their portfolio last week lost around 95ish percent. Take this seriously and protect yourself from the same happening to you, be it the loss or freezing of you bank account or the destruction of your portfolio.
This will not be the last bank collapse this year.Recommend this Post
Sunday, March 16, 2008
Posted by Kubera Jones, AKA several other guys. at 9:29 PM