Expected and unavoidable at this point.
Bear Stearns buyer JP Morgan won’t waste any time eliminating “redundancies,” the Post says–and this could mean the firing of up to 7,000 Bear folks (half of the place) as soon as this week. (Alley Insider)
No CommentsBloody Monday….we’d love nothing more than to see some folks hung up by their toenails for the financial irresponsibility that put this nation in a financial crisis.
JPMorgan Chase & Co. said Sunday that it would acquire troubled Wall Street firm Bear Stearns for a mere fraction of what it was once worth amid deepening fears about further erosion of the world’s financial markets.
The rock-bottom price left investors feeling queasy. Asian markets tumbled, with Japan’s benchmark Nikkei index finishing Monday’s session nearly 4% lower. U.S. stock futures plunged, indicating a miserable start for Wall Street. (CNN)
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