Bear Stearns. It is being called a buyout or merger with JP Morgan Chase. JP Morgan is said to have bought out Bear Stearns since they took a header.
But not really. the Fed is backing that with $29 billion to guarantee solvency of those mortgages. This is a bailout. Just like the Savings & Loan bailouts and the bailout of Chrysler in the 80s. Not to mention the bailouts of the Airlines after 9/11. It keeps the clients in tact, but not the employees, investors, etc. Pensions, we don't need no stinking pensions. Those people who lost their jobs can buy Rachel Ray's new cookbook for the bankrupt, "70 Ways to Fix Alpo and Love It"
This is the way I see it. Big Business LOVES to tout "The Free Market" when profits are rolling in, but they seem to want to socialize losses.
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