Just a short note to everyone regarding the buyout of Bear Stearns by the American government, er, J.P. Morgan.
Yes, I know you heard that J.P. Morgan bought them for approximately $2.00 per share. The stock for this company was trading one year ago today at $159.36 per share.
The stock was trading for $62.00 one week ago today.
The stock opened today at $3.20 per share. That is at an upside to the discounted price that J.P. Morgan paid. J.P. Morgan was guaranteed the money to purchase Bear Stearns by the US Fed. Guaranteed. The. Money. By the US Government.
Corporate wingnut welfare is alive and is the driving force of the current administrations policy of “getting the hell out of Dodge without looking like things went bloated belly up on our watch, ’cause we are hoping to blame that on the Clinton and/or Obama administration.”
It is still all about the LEGACY to Bush and minions.
Let me sum up. The US Government, to keep from being more embarassed in the eyes of the average American citizen, screwed the shareholders of a huge American investment bank in order to
a) keep the news looking not as DAMNED bad as it is, and to
b) make sure the corporations and LARGE investors lost as little money as possible.
Wingnut welfare has just gone a step beyond what anyone sane would have figured they would even attempt.
Guess what? They don’t fuckin’ care about even trying to cover their tracks anymore. As long as they all die rich, its all good.
Oh, BTW? That healthcare you had been hoping for? Dream on, suckers.