This is starting to get ugly. - Allan
JPMorgan Says It Will Buy Ailing Bear Stearns for $2 a Share, or $236.2 Million
NEW YORK (AP) -- JPMorgan Chase said Sunday it will acquire rival Bear Stearns for a bargain-basement $236.2 million -- or $2 a share -- a stunning collapse for one of the world's largest and most storied investment banks.
The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.
The Federal Reserve and the U.S. government swiftly approved the all-stock deal, showing the urgency of completing the deal before world markets opened. Early indications, though, pointed to continued fear about the stability of the U.S. market, as the dollar hit fresh record lows against the euro, gold broke through $1,015 an ounce and Asian stocks sank.
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