I think that is about right. Of course, no one gives a damn about a Bear exec’s problems at this point.
It looks a lot like Enron, except that it wasn’t caused by accounting fraud so much as just the market decline.
There will probably be a lot of pressure on financial stocks this morning, but since Bear is out of the picture, I personally think that this is a good sign, and we are getting to the end of the tunnel.
And the fact that it was JPM who is doing the takeover ought to tell you something. They apparently are the strongest of the players.