It Seems the Rumors Were True
A great investment bank is much more than the sum of its capitalization. Thus, the $15 billion or so lost on this deal is a lesser evil than the who knows how much rides on Bear Stearns being able to meet its credit obligations.
The Fed is upholding the current economic order in this deal. Believe me, this is quite an improvement on those bygone days when the leading investment bankers would meet in a room and agree to pump the blue chips. At least, the government is a little more involved.
ESA(20080316.1)
A great investment bank is much more than the sum of its capitalization. Thus, the $15 billion or so lost on this deal is a lesser evil than the who knows how much rides on Bear Stearns being able to meet its credit obligations.
The Fed is upholding the current economic order in this deal. Believe me, this is quite an improvement on those bygone days when the leading investment bankers would meet in a room and agree to pump the blue chips. At least, the government is a little more involved.
ESA(20080316.1)
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