J.P. Morgan Chase Co. was in talks on Sunday night for a deal that would quintuple its offer for Bear Stearns Companies Inc., in an effort to pacify angry Bear shareholders, according to a media report Monday. The sweetened offer is intended to win over stockholders who vowed to fight the original fire-sale deal, struck only a week ago at the behest of the Federal Reserve and Treasury Department, the New York Times reported in its online edition, citing unnamed according to people involved in the negotiations. Morgan was also in negotiations with the Fed on Sunday night to assume the first $1 billion in losses on Bear assets before the Fed's $30 billion cushion kicks in, the Times said, but the Fed may now be seeking to raise that number. http://www.marketwatch.com/news/sto...x?guid={16FAD7CE-7A04-4115-9081-47B14B378FEA} I like that...
So they are admitting that they are crooks and tried to steal money from the stockholders. Now shouldn't somebody be going to jail over this?
Since when is it illegal to try and get a great deal from JP Morgans perspective? if anything, shareholders should be pissed at the fed who "needed" this deal to close before asian markets opened. what a joke. everything the fed is doing is on an ad hoc basis, just putting chewing gum over every hole in this sinking ship we call the market. no cohesive plan or strategy, just a band aid approach. and they have no balls either to let the market correct more, and see if free markets can work for themselves.
I'm amazed that a quasi-government agency is working on Easter Sunday. I'd be really curious to see the nature of these discussions and negotiations. Do you think the Fed governors are at the local district HQs on the phone with the JPM/Bear guys late on a Sunday? Or is everyone at home in their PJs just doing group emails/conference calls?