April 18, 2008
When J.P. Morgan Chase agreed to purchase Bear Sterns last month at a shockingly low price government officials, wall street journalists, and business executives weighed in on the matter with varying commentary.
But many of the people who did not have a forum to speak unleashed their true feelings hidden behind pseudonyms and secret names on the MarketWatch financial posting board. Like most Americans who like to comment on political and sports items, amateur business theorists tend to say what they really believe when nobody can figure out who they are.
Below we have compiled some of our favorite comments.
The crooks ruining these old time banks are definitely not their father's sons. Rather they are the breed that grew up in the “ME” era, with no morals, no ethics, no mothers to watch over them. For shame! The people who were counting on them for retirement can always start over...yeah, right. The line at the end of the Enron party starts tomorrow when the news hits the fan. ...sisteralberta
JPM, get ready to spend the next ten years in court fighting the lawsuits against Bear. ...MrVincent
I think they outperformed Enron there...way to go...new smartest guys in the room... goto100
I wonder if the Fed has loaned their staff to help them shred paperwork 24/7, "Hurry! Hurry! Quick, shred that!" ...Georgeasjack
Question is this a bottom or a signal of things to come yet from other firms. My guess is the later. I doubt we have yet seen the bottom. While everyone wanted this buyout to happen the price itself indicates how worthless BSC really was. You couple this with a hard recession we may see a bigger spike in the mortageg crisis. Then we will find the bottom. How many other firms have been a little less forthcoming to its investors? The good news is this is one less firm we have to worry about. I would guess JP Morgan will come out smelling like a rose on this deal. ...kevino3826
Book value of BSC was utter fiction...an outrageous and criminal lie that must be investigated and prosecuted. ...ehoffner
As for BSC management, to quote Dubya "Good job Brownie" ...Pedro969
