"JP Morgan has just announced that they are going to buy Bear Stearns at $2 per share. Bear Stearns stock closed at $30 on Friday and at $57 on Thursday. Which means JP Morgan is not paying a premium to market. They are paying a 93% discount to market.
. . .the New York teachers and public employees invested $59 million in Bear Stearns and their investment is now worth $1.9MM, a loss of $57 million."
-Catherin Austin Fitts
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