Around 6.30 a.m. on Monday a group of young Bear Stearns employees gathered around a side entrance of their Manhattan headquarters, laughing. They were looking at a $2-dollar bill taped above the Bear Stearns logo — some gallows humor on the bargain-basement price per share that JPMorgan agreed to pay for the troubled investment bank.
“That’s the money shot,” joked one employee, as I took a photo worth way more than a thousand words.
As a bonus, as I was calling my office the cleaners arrived; they overheard my conversation, and offered me the bill as a keepsake.
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We now have Salvation By Fiat! No stockholders welcome!
- Posted by j.stevenswhy isn’t the media publishing the fact that the deal includes $ 1 Billion in severance pay for the company employee that got the investors in such big trouble .. it should be the reverse the stockholerd should bet at least the $ 1 Billion and the employees the $ 200+ million.. and the focus of the news should be on the fact that it isn’t.
- Posted by rangerrickSell it on ebay!
- Posted by Robert