UPDATE: Sunday evening, 03/16/2008: Bear Stearns to be acquired by JPMorgan Chase for $2.00 in stock swap deal. That is NOT a typo! The stock closed at $30 on Friday. On Thursday, it was $57.00. And yes, it was $150 last summer. This, essentially became a giant margin call on Bear Stearns. Apparently, cash — [...]
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Investment Advisor in Bloomfield Hills, MI Cyrus Kashef
Bear Stearns, part I
March 15, 2008The news surrounding Bear Stearns on Friday morning was not good! There are several important elements to this story. The first element is the most important one: Bear Stearns appears to be out of cash. If you’ve ever traded on margin (or know someone that does), running out of cash happens from time to time. [...]