BENWEEWEE (finance content)

[fishpoopoo]

bwahahahahahahahahahahahahaha.



we interrupt this bear market rally with news of an investment bank blowup.

BSC at $35, down $22.

Bear Stearns Gets Emergency Bailout From JPMorgan, New York Fed

By Yalman Onaran


March 14 (Bloomberg) -- Bear Stearns Cos. obtained emergency funding from JPMorgan Chase & Co. and the New York Federal Reserve as the securities firm said its cash position had ``significantly deteriorated.''

The New York Fed will ``provide non-recourse, back-to- back'' financing for up to 28 days, JPMorgan said in a statement today. Bear Stearns said it was in talks with the New York-based bank ``regarding permanent funding or other alternatives.''

Bear Stearns plummeted $11.90, or 20.8 percent, to $45.10 at 9:54 a.m. in New York Stock Exchange composite trading, the lowest level in more than six years. The shares are down more than 50 percent this year.

Chief Executive Officer Alan Schwartz said in a statement that the firm acted in response to ``market rumors'' of a liquidity crisis. He had denied this week that the firm faced a cash shortage, saying the company's ``liquidity cushion'' was sufficient to weather the credit-market contraction.

``We have tried to confront and dispel these rumors and parse fact from fiction,'' Schwartz sad in the New York-based company's statement today. ``Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated.''

``The issue now is whether Bear Stearns customers will stick around,'' said Bruce Foerster, president of South Beach Capital Markets and a former Wall Street executive. ``Some others have gotten through the same kind of troubles, some ended up being shut down or sold. I'm hoping Bear can get past it.''

To contact the reporter on this story: Yalman Onaran in New York at yonaran@bloomberg.net.

Last Updated: March 14, 2008 09:55 EDT

[nightfighter]

ka boom....... Ben and I spoke of this possiblity last summer. Of course I am now a contractor, jaded from a 20 year stint on Wall Street.........

[TheSpecialist]

Ben my buddy was looking for a job at differant places on friday, he works at Bear

On another note how bout these four letters SGMO, think DNA....

[likwid]

LEH

Thurs? Maybe Fri?

[Swimmer]

Originally Posted by likwid

LEH

Thurs? Maybe Fri?

Yah, Lehman was mention as a distinct possibilty also. It is interesting how greed affects us all.

What about Mort Zuckermans desciption of the sub-prime loans as LIAR LOANS?

It is interesting when companies like these score large they share the wealth with just themselves, ie; stockholders and so on, but when they collapse it comes out of our pockets.

No one should be allowed to sell off loans anymore. Once it is out of the originators sight it is also out of mind.

[MakoMike]

Originally Posted by Swimmer

Yah, Lehman was mention as a distinct possibilty also. It is interesting how greed affects us all.

What about Mort Zuckermans desciption of the sub-prime loans as LIAR LOANS?

It is interesting when companies like these score large they share the wealth with just themselves, ie; stockholders and so on, but when they collapse it comes out of our pockets.

No one shold be allowed to sell off loans anymore. Once it is out of the originators sight it is also out of mind.

Now there's a great prescription for totally shutting down all the credit markets as well as the national economy!

[likwid]

Total fear and loathing right now.
Dollar is crashing hard.

[Swimmer]

Originally Posted by MakoMike

Now there's a great prescription for totally shutting down all the credit markets as well as the national economy!

Makomike, its the large scale problem created by the home loan originators and the borrowers who both worked to create unverifiable nonexistent income, that created this mess. I don't see how reining in those originators and the companies they work for as the F.B.I. is starting to do will hurt. It is theft on a grand scale. It is going to shut down the economy all by itself without any help from anyone else. Just watch. This isn't much different from the house flipping scandals of a decade or more ago. That partailly collapsed the real estate market for about a year when that occurred. More greed and outright theft. The originator gets his, the real estate broker gets his, the attorneys get thiers, the originators company gets thiers, and the loan buyer gets left holding the bag. Not this time though. This time its us!