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  #1 (permalink)  
Old 17th March 2008, 03:37 AM
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JPM Buys Bear Stearns for $2/share

..and they probably overpaid.

According to Reuters, the deal will offset a "fire sale of assets."

$2 a share is not a fire sale????

Holy shit, these derivatives really are worthless.

Anyone else sell SKF Friday? Misery loves company.
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Old 17th March 2008, 03:41 AM
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Re: JPM Buys Bear Stearns for $2/share

I think BS is already insolvent - worth NADA, so $2 per stock or $250 million is a special deal negotiated with JPM.

BS probably owed JPM money so if they collapsed, the counterparty risk will also bring down JPM. Behind JPM is the Feds providing unlimited funds.

Imagine your creditor paying you to bail you out!!

Gold is now $1023!

Last edited by touchring; 17th March 2008 at 03:51 AM..
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Old 17th March 2008, 06:10 AM
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Re: JPM Buys Bear Stearns for $2/share

This is what happens when you only listen to those who you have already told what to say.
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Old 17th March 2008, 07:39 AM
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Re: JPM Buys Bear Stearns for $2/share

I concur. $250m is less than the value of the brand. But, can JPM handle the debt load of BS with only $30b of risk covered by the Fed?
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Old 17th March 2008, 09:03 AM
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Re: JPM Buys Bear Stearns for $2/share

Wow, this is amazing. Looks like properties in London will be up for sale this week. :o


http://www.bloomberg.com/apps/news?p...oUM&refer=home

Lewis, Barrow Hanley Lose Combined $2 Billion on Bear Stakes

By Katherine Burton and Sree Vidya Bhaktavatsalam
Enlarge Image/Details

March 17 (Bloomberg) -- Joseph Lewis, the billionaire investor who bought 9.4 percent of Bear Stearns Cos. last year, lost $1.16 billion on his stake after JPMorgan Chase & Co. agreed to buy the securities firm for $2 a share.

Lewis, the New York-based firm's second-largest holder, paid an average of about $107 apiece for 11 million shares, according to a filing submitted last year to the Securities and Exchange Commission. The stake has plunged 98 percent in value since the purchases. Bear's biggest investor at year-end was money manager Barrow Hanley Mewhinney & Strauss Inc., whose 9.7 percent holding has fallen by $991 million.

Last edited by touchring; 17th March 2008 at 09:14 AM..
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Old 17th March 2008, 03:17 PM
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Re: JPM Buys Bear Stearns for $2/share

How to turn $8,500 into $1.5 million:

1. Get insider information on a company that's tanking
2. Buy puts at 50% of current market value
3. Cash in...

http://www.thestreet.com/newsanalysi.../10407812.html

Quote:
Over 55,000 contracts traded that day at an average price of 15 cents a contract. This is an extremely unusual trade in terms of the number of contracts and how far out-of-the money those options were at the time.
Those 15-cent contracts are now worth $25.70, less than a week after the purchase. That purchase of $8,250 last Tuesday would now sell for $1.4 million.

What are the chances this trade was not made by an employee of Bear or JPM?
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Old 17th March 2008, 04:27 PM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by clipper
How to turn $8,500 into $1.5 million:

1. Get insider information on a company that's tanking
2. Buy puts at 50% of current market value
3. Cash in...

http://www.thestreet.com/newsanalysi.../10407812.html



Those 15-cent contracts are now worth $25.70, less than a week after the purchase. That purchase of $8,250 last Tuesday would now sell for $1.4 million.

What are the chances this trade was not made by an employee of Bear or JPM?

Is there an ETF that short financials? I know it might be too late, but just in case?

Quote:
Originally Posted by touchring
Is there an ETF that short financials? I know it might be too late, but just in case?
Someone recommended this!

http://finance.yahoo.com/charts?s=SKF

Last edited by touchring; 17th March 2008 at 04:58 PM.. Reason: Automerged Doublepost
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Old 17th March 2008, 07:08 PM
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Re: JPM Buys Bear Stearns for $2/share

Dude, I wouldn't recommend anything in this market, but, yes, SKF is the Ultrashort Financials (moves 2-times the inverse of the dow financials index).

Extremely volatile, play money only! Moves at twice the inverse of the Dow US financials index. Personally, I'm on the sidelines until after the Fed cuts and Goldman announces.
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Old 17th March 2008, 07:16 PM
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Re: JPM Buys Bear Stearns for $2/share

You cannot call the Dow at the moment.

Stock Markets around the World are really because they fear a total meltdown of the US Financial system, but today the Dow Jones seems to be oblivious.

I can only assume that Americans actually do believe their President when he lies to them. Either that or there is a lot more Fed Intervention going on than is actually hitting the Press. Either way it is a completely false market and utterly unpredictable.
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Old 17th March 2008, 07:23 PM
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Re: JPM Buys Bear Stearns for $2/share

The only thing worth buying right now is ammo.
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Old 17th March 2008, 07:32 PM
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Talking Re: JPM Buys Bear Stearns for $2/share

I think I own a few thousand shares of JP.
Win or lose?
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Old 17th March 2008, 07:39 PM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by TonyP
I think I own a few thousand shares of JP.
Win or lose?
It all depends how much less than nothing Bear Stearns was actually worth.

$240M is peanuts for a bit of good will and a nice building, but if the liabilities turn out to be huge, then JP Morgan could get sucked down as well!
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Old 17th March 2008, 07:40 PM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by clipper
Dude, I wouldn't recommend anything in this market, but, yes, SKF is the Ultrashort Financials (moves 2-times the inverse of the dow financials index).

Extremely volatile, play money only! Moves at twice the inverse of the Dow US financials index. Personally, I'm on the sidelines until after the Fed cuts and Goldman announces.

Same thing in mind, i noticed from the chart that the financials jump up each time there is a rate reduction. If the market rebounds significantly, I think i'll buy a little, just to join in the fun.
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Old 17th March 2008, 07:51 PM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by touchring
Same thing in mind, i noticed from the chart that the financials jump up each time there is a rate reduction. If the market rebounds significantly, I think i'll buy a little, just to join in the fun.
Well this is because based on last years earnings, they look more and more attractive, each time the interest rate drops. The problem is that you are not buying into last year's earnings, it is next year's earnings that will determine your ROI or LOI. When Wall Street wakes up to the fact that Past Results are no indicator of Future Performance, all these silly little calculation that are being done, will go out of the window and the index will Pancake. Your stupid calculator will be telling you to give them away or just let them expire!

After this debacle, Herbert Clark Hoover will be regarded as something of a Financial Guru!
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Old 17th March 2008, 08:09 PM
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Re: JPM Buys Bear Stearns for $2/share

Next weekend's Fed buy-out: Lehman
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Old 17th March 2008, 08:12 PM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by Drewbert
Next weekend's Fed buy-out: Lehman
The thing is the Fed have the jump on everyone else.

They run out of cash, then they just print more! :p

My tip for the day is to buy wheelbarrows!
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Old 18th March 2008, 12:45 AM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by Rubber Duck
My tip for the day is to buy wheelbarrows!
ROTFLMOL!
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Old 18th March 2008, 04:24 AM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by Rubber Duck
Well this is because based on last years earnings, they look more and more attractive, each time the interest rate drops. The problem is that you are not buying into last year's earnings, it is next year's earnings that will determine your ROI or LOI. When Wall Street wakes up to the fact that Past Results are no indicator of Future Performance, all these silly little calculation that are being done, will go out of the window and the index will Pancake. Your stupid calculator will be telling you to give them away or just let them expire!

After this debacle, Herbert Clark Hoover will be regarded as something of a Financial Guru!

We're talking about buying shorts.
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Old 18th March 2008, 05:46 AM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by touchring
We're talking about buying shorts.
Extremely risky.

A lot of the big players will already be shorting against their own portfolios.

These investments are highly leveraged. To make money you have to not only be able to predict the direction of the market, but you have to be able to guess its speed and timing much more accurately than the herd. You virtually need inside information in order to be able to do that.

The reason the big banks are in trouble is that they have leveraged their investments and got it badly wrong. Don't make the same mistake.
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Old 29th June 2008, 04:54 PM
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Re: JPM Buys Bear Stearns for $2/share

Quote:
Originally Posted by clipper
Dude, I wouldn't recommend anything in this market, but, yes, SKF is the Ultrashort Financials (moves 2-times the inverse of the dow financials index).

Extremely volatile, play money only! Moves at twice the inverse of the Dow US financials index. Personally, I'm on the sidelines until after the Fed cuts and Goldman announces.

i bought some, but too little. darn should have bought more, went up 40%!
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