Proof? Now that's more like it. Looks like JPM listened to me. Very good corporate management and Capitalism ethics over there at JPM. I'm so proud that it brings a tear to my eye.
JPMorgan Chase To Acquire Bear Stearns Sunday March 16, 7:05 pm ET NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. (NYSE: JPM - News) announced it is acquiring The Bear Stearns Companies Inc. (NYSE: BSC - News). The Boards of Directors of both companies have unanimously approved the transaction. The transaction will be a stock-for-stock exchange. JPMorgan Chase will exchange 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock. Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share. Effective immediately, JPMorgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations. Other than shareholder approval, the closing is not subject to any material conditions. The transaction is expected to have an expedited close by the end of the calendar second quarter 2008. The Federal Reserve, the Office of the Comptroller of the Currency (OCC) and other federal agencies have given all necessary approvals. http://biz.yahoo.com/bw/080316/20080316005053.html?.v=1