What's In a Name?
Why tempt fate?
According to the Wall St. Journal, J.P. Morgan Chase has agreed to buy venerable investment firm Bear Stearns for the low, low price of $236 million. That's million.
For the sake of context, BS (heh) was valued at $3.54 billion at the end of business Friday. It was worth in the neighborhood of $20 billion back in January 2007. That would be a one(ish)-year drop in value of over 98%.
Perhaps I'm just spitting into the wind, here, but maybe it's not a good sign for our economy when a respected 85-year-old Wall St. firm could conceivably be bought by a PowerBall winner.