Let Bear Stearns Sink!

JPMorgan in Negotiations to Raise Bear Stearns Bid

JPMorgan Chase was in talks on Sunday night for a deal that would quintuple its offer for Bear Stearns, the beleaguered investment bank, in an effort to pacify angry Bear shareholders, according to people involved in the negotiations.

The sweetened offer is intended to win over stockholders who vowed to fight the original fire-sale deal, struck only a week ago at the behest of the Federal Reserve and Treasury Department.

Under the terms being discussed, JPMorgan would pay $10 a share in stock for Bear, up from its initial offer of $2 a share — a figure that represented a mere one-fifteenth of Bear’s going market price.

Emphasis added by me.

Withdraw the offer, get the hell out of it.

Let those bastard shareholders be left with nothing.

Aren’t they always the justification for the most egregious corporate misbehavior? That canard, “maximizing shareholder value,” is always invoked to justify price gouging, monopolistic actions, interlocking trusts, and outright fraud.

I resent the Fed using the tax dollars of everyday Americans to bail out a bunch of greed-diseased fat cats led by a pothead.

Let Bear Stearns sink. Let the shareholders get nothing. Fire the whole damn lot of Bear Stearns employees. Auction off the furniture and computers.

They deserve it!

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