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Friday, March 14, 2008


bear stearns is failing

jpmorgan and the fed are providing temporary financing. bear shares are down $19 to $38 and still falling as of this writing.

forget carlyle. we now have the investment bank failure that everyone thought we'd need to see before the crunch alleviated.

question is: will there be more?

for what it's worth, it looks to me like jpmorgan is positioning to be the one who takes over bear for pennies on the dollar, a la warren buffett vulturing salomon brothers.

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FRB of NY (bank specific now - how cute the latest deception engineering) + JP Morgan + Bear Stearns?

Robbing Peter to pay rob and pay Peter and Paul?

"The Song That Never Ends" meets "The Emperor Has No Clothes" nightmare continues.

What a mess. God help us all.

Thanks for your great blog.

Steve B.,

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