After seeing Jamie Dimon yesterday explaining, how difficult and risky it was to buy Bear Stearns …
I now … after reading JPM’s latest announcement … exactly know, how he feels …
It seems, that it would be risky for JPMorgan not to complete the deal
Juicy juicy … they think … let’s see, whether they are right …
“JPMorgan Chase & Co said it bought 11.5 million shares of Bear Stearns Cos Inc on the open market, in an effort to gain enough voting power to essentially guarantee its acquisition of the investment bank.
JPMorgan Chase said it plans to buy more shares of Bear Stearns, potentially until it has as much as 49.5 percent of the shares.
With the purchase disclosed Thursday, JPMorgan Chase owns about 12.98 million Bear Stearns shares, or about 8.9 percent based on the current share count.
JPMorgan paid $140.7 million for 11.5 million Bear Stearns shares on March 24, or an average of about $12.24(!!!!) a share. That purchase took place the same day that JPMorgan said it was increasing its bid for Bear Stearns to about $10 a share in stock from its original bid on March 16 of $2 per share.”
Greedy or needy?