Posted on 03/14/2008 11:30:08 AM PDT by TonyXL
NEW YORK (AP) -- Bear Stearns Cos., one of the most venerable names on Wall Street, turned to a rival bank and the federal government for a last-minute bailout Friday to prevent it from collapsing.
The Federal Reserve responded swiftly to pleas from Bear Stearns that its coffers had "significantly deteriorated" within a 24-hour period as rumors about the bank's situation fueled the Wall Street version of a run on the bank. Central bankers tapped a rarely used Depression-era provision to provide loans, and said they were ready to provide extra resources to combat an erosion of confidence in America's biggest financial institutions.
(Excerpt) Read more at biz.yahoo.com ...
The bailout hasnt done a damn thing to the market-its tanking badly..
Income taxes aside, this is inflating the currency - bad for anyone who gets paid in dollars.
I wonder what he took home in pay last year. Oh well, I guess I can do without as long as he’s fat and happy.
It’s called capitalism. Thank goodness they’re not extending extra unemployment insurance payments. That’d be socialist!
Its going to get a LOT worse before it gets better.. the snakes that have created this mess are dilluding themselves and the politicians are too cowardly to stand up and be honest.
We’ll all bail out these miscreants, because they can’t let the rich criminals actually pay for their crimes... come on man, these are NY bankers... they are the elites, they are better than you peasants, now shut up and bail them out.
$250,000 in salary and a stock option bonus that was worth $17MM when it was awarded, but which is worth approximately $0 at the moment.
Are you sure the Feds are printing money for this?
Last I heard they are not printing, that any deflation we are suffering is from the dollar falling compared to other currencies.
This isn’t a bailout. Its financing. Bear Stearns shareholders will end up with nothing, as will a lot of their creditors. This financing just allows the recognition of those losses to take place in a less chaotic fashion.
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!
Cut our taxes to bare minimum and they can’t do this. Stop all borrowing from other countries....especially China.
Is Bear-Stearns the one that a day or two ago said something to the effect of “There is absolutely no truth to any rumors that we are having any difficulty whatsoever”?
Just how many tens of millions of dollars has Mr. Cayne made as head of this failed enterprise and its stupid financial transactions? And just how much is he going to reimburse the taxpayers for bailing his sorry company out while small shops and businesses with good management are left to rot on their own?
http://www.freerepublic.com/focus/f-news/1985731/posts
Has all the details, including the $50 million payday the CEO had in November.
Betting it all on RED is what people do when it’s other peoples’ money. If you win, you get a huge payout. If you lose, you get your salary, and move on to the next job.
There is not enough down-side risk for the participants when they are betting other people’s money with the leveraged comp plans these people get. They need to have some substantial personal downside to horribly risky bets that go bad.
Is Bear-Stearns the one that a day or two ago said something to the effect of There is absolutely no truth to any rumors that we are having any difficulty whatsoever?
Quote unquote. Yep.
Isn’t that incredible? And our Congress is more worried about steroid use and not the collapse of our economy.
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