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RE: [RT] TWO BUCKS a share!!! JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount



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Tim Morge,
 
You wrote, "Ben has turned into a wet noodle".
 
I presume you mean Ben S. Bernanke and not our Ben of profitok@xxxxxxxxxxxxxx.
 
The Irish in me wishes you a wet tomorrow.
 
Tony

Anthony W. Pylypuk
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-----Original Message-----
From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx]On Behalf Of Timothy Morge
Sent: Sunday, March 16, 2008 6:47 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] TWO BUCKS a share!!! JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount

Ben has turned into a wet noodle.

He's no monetarist...he's a wimp.

Yes, we are in deep trouble. He hasn't a clue, no
backbone and just think what fine sense he'll show
when even the Fed can't stand to lie about the true
rate of inflation...

It's like a bad dream. It just gets worse and worse...

Tim Morge

www.marketgeometry.com

--- ketayun <ketayun@xxxxxxxxxxnet> wrote:

> Fed Cuts Discount Rate, Says Dealers May Borrow
> (Update1)
>
> By Scott Lanman
>
> March 16 (Bloomberg) -- The Federal Reserve reduced
> the rate on direct loans to commercial banks by a
> quarter-point and said it will allow primary dealers
> to borrow at the rate in exchange for a ``broad
> range'' of investment-grade collateral.
>
> The central bank, in a statement today in
> Washington, also extended the maximum term of
> discount-window loans to 90 days from 30 days. The
> Fed approved the financing arrangement announced by
> JPMorgan Chase & Co. and Bear Stearns Cos. JPMorgan
> separately agreed to buy Bear Stearns for about $2 a
> share.
>
> Fed Chairman Ben S. Bernanke is stepping up efforts
> to keep strains in financial markets from spiraling
> into a full-blown meltdown. Last week the central
> bank agreed to emergency loans to a non-bank, Bear
> Stearns, for the first time since the 1960s. Fed
> officials also announced a program to swap $200
> billion in Treasuries for debt including
> mortgage-backed securities.
>
> The Fed lowered the discount rate to 3.25 percent
> from 3.5 percent, narrowing the spread with the
> federal funds rate to a quarter point from a half
> point. From tomorrow, primary dealers will be able
> to borrow at the rate under a new lending facility,
> to be in place for at least six months, the Fed
> said.
>
> The actions are ``designed to bolster market
> liquidity and promote orderly market functioning,''
> the Fed said. ``Liquid, well-functioning markets are
> essential for the promotion of economic growth.''
>
> Investors expect the Fed to lower its benchmark rate
> by as much as a full percentage point, to 2 percent,
> when policy makers meet March 18. That would exceed
> the 0.75-point emergency reduction on Jan. 22, which
> is the largest cut since the overnight interbank
> lending rate became the main tool of monetary policy
> about two decades ago
>
> ----- Original Message -----
> From: sue crew
> To: realtraders@yahoogroups.com
> Sent: Sunday, March 16, 2008 7:36 PM
> Subject: Re: [RT] TWO BUCKS a share!!! JPMorgan
> Acts to Buy Ailing Bear Stearns at Huge Discount
>
>
> Things are very serious
> ----- Original Message -----
> From: Deosaran Bisnath
> To: realtraders@yahoogroups.com
> Sent: Monday, March 17, 2008 10:27 AM
> Subject: [RT] TWO BUCKS a share!!! JPMorgan Acts
> to Buy Ailing Bear Stearns at Huge Discount
>
>
> JPMorgan Acts to Buy Ailing Bear Stearns at Huge
> Discount
>
>
> By ANDREW ROSS SORKIN and LANDON THOMAS Jr.
> Published: March 16, 2008
> Bear Stearns, facing collapse because of the
> mortgage crisis, agreed Sunday evening to be bought
> by JPMorgan Chase for a bargain-basement price of
> less than $250 million, the two companies announced.
>
>
> The all-stock deal values Bear Stearns at about
> $2 a share, based on JPMorgan's closing stock price
> on Friday, the companies said. In contrast, shares
> of Bear Stearns, which fell $27 on Friday, closed at
> $30.
> A deal for Bear Stearns would end the
> independence of one of Wall Street's most storied
> firms and help halt a sweeping panic that set in at
> the end of last week, causing Bear Stearns's stock
> to swoon 47 percent on Friday.
>
>
>
----------------------------------------------------------
> Be a better friend, newshound, and know-it-all
> with Yahoo! Mobile. Try it now.
>
>
>


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