JP Morgan Saves Bear Stearns From Collapse, Buying It At a Steep Discount

JP Morgan Saves Bear Stearns From Collapse, Buying It At a Steep Discount

JP Morgan buys 85-year veteran Wall Street bank Bear Stearns for a mere $2/share (down from $170/share one year before). The Fed will provide $29 billion in term financing for the purchase to cover losses.