Bear Stearns

I don’t really feel qualified to say anything clever on the entire issue. While that wouldn’t keep many people from saying their two cents, I will restrain myself. There’s enough unqualified shit floating around there without my contributing some more…

Anyway:

JPMorgan has pledged to honour all of Bear’s commitments, despite having had only two days for due diligence.

I feel confident in commenting on this bit: I sure as hell feel sorry for the guys at JPMorgan (who are most certainly some of the best they have to offer) – must’ve been a very long weekend (read: no sleep whatsoever). Damn, I’m glad I’m still at least  a year away from having to do something similar…

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3 Responses to “Bear Stearns”

  1. Tracy Says:

    There must have been at least a total buyout of 20% of the stock by a single holder to spur the buyout. This was a run on the bank and a cash in on the lack of security. There is a lot more to this story.

  2. Allan Says:

    Are you trying to get into investment banking? Let me warn you away from the long work weeks and the thankless powerpoint building. May you live in interesting times and find something more interesting, even if less remunerating.

  3. midmull Says:

    Yeah, investment banking is definitely pretty high up on that list of prospective careers I want to pursue. Looking at the current job market I may have to get another degree before going in though (which means I won’t be entering the job market in January ’09 but rather in January ’11 oder even July ’11).
    I’m fully aware of what that career choice means (at least I think I am) and I’m confident that I can handle it – at least for those few years that I intend to stay in. It’s probably not something I’d want to do until I drop dead from a heart attack but certainly something I want to be able to look back on and say I gave it a shot.

    Also – Tracy, care to elaborate on that? That’s pretty much the first I’ve explicitly heard in that direction (then again, as I’ve said, I haven’t really followed it closely enough to offer any kind of qualified commentary).


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