photo by ezio.zaia
Quote for the day:
"When you're down by half, people figure you can go down all the way. They're going to push the market against you. They're not going to roll [refinance] your trades. You're finished."
- From the book "When Genious Failed": An executive from Bear Stearns explaining why he thought Long-Term Capital Management wasn't going to make it in 1998 (Bear Stearns was the only big investment bank that wouldn't participate in the LTCM bailout with the Fed).
Quote for the day:
"When you're down by half, people figure you can go down all the way. They're going to push the market against you. They're not going to roll [refinance] your trades. You're finished."
- From the book "When Genious Failed": An executive from Bear Stearns explaining why he thought Long-Term Capital Management wasn't going to make it in 1998 (Bear Stearns was the only big investment bank that wouldn't participate in the LTCM bailout with the Fed).
In the news:
JPMorgan Chase will buy Bear Stearns, for about $236 million in shares or about $2 a share. This is a huge discout compared to $169 a share Bear Stearns reached last January or $30 a share it was trading at last Friday.
"The central bank approved a cut in its lending rate to financial institutions to 3.25% from 3.50%, effective immediately, and created another lending facility for big investment banks to secure short-term loans." Sphere: Related Content
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