money cnn fortune 500
Is this not another bailout?
[JP Morgan (JPM, Fortune 500) executives initially decided to pass on a purchase of Bear Stearns this past weekend, Bear executives said, largely because of the risks associated with mortgage portfolios of the Bear. They changed opinion after the Fed agreed to pony up $ 30 billion in so-called non-recourse loans - agreements that transfer the risk of bad mortgages paris Bear American taxpayers. The Fed's decision paved the way for agreement on Sunday to put in the hands of JPMorgan Bear for $ 2 per share, a discount of 93% over the closing price on Friday.] Http: / / money.cnn.com/2008/03/17/news/companies/boyd_bear.fortune /? Postversion = 2008031714 May have been a necessity, I am not saying that I disagree with the action … but a rescue of a bailout.
Of course, this is a bailout. A bailout of fat cats who knowingly granted loans "subprime" and then sold to investors who bought the loans knowing high risk. How much you want to bet that Bear Exec is receiving a golden parachute to his dismissal, while those who started receiving the shaft. They rolled the dice and lost. Now they want taxpayers to save their summer homes in the Hamptons. It simply disgusting!
