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Entries from Gothamist tagged with 'meltdown'

March 16, 2008

Photograph outside Bear Stearns' offices on Friday by Mark Lennihan/AP It's the New York banking equivalent of the Enron meltdown: Bear Stearns has agreed to sell itself to JP Morgan Chase at a fire sale price. When Bear Stearns' 14,000 employees left work Friday afternoon, the bank's stock had already plunged almost 50% in value, closing at $30 a share. But today they found out something much, much, much worse: their company has been......

Continue Reading "JP Morgan Buys Bear Stearns for Pennies on the Dollar"

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