Since when the U.S. Fed Cut Discount Rate 7:00pm EST Sunday Evening ?

[OAC]

Today JP Morgan bought Bear Stearn for $2.00 a share on a Sunday, tell me if I am wrong, I thought the stock was trading in the 20s last Friday ? And the Fed just cut discount on rate a Sunday evening.
Are we in the middle of a financial meltdown ?

[james_gsx]

I think things were a lot worse than we thought on Friday. Basically BSC is declaring bankruptcy - thus why they are being bought for $2 a share. As far as the rate cut goes, that tells me things are a lot worse than they appear. Not just the cut, but now they are allowing the loans to last for 6 months. But what do I know?

[Geomac]

Get the plungers out.
Gosh Shoulda let that BSC ride,covered Friday. Now 2--bucks wow. & @us taking off, Es tanking, cant even take the weekend off anymore. miss all the fun. Glad I bought gas saturday morning though. Let the games begin

[MrPaul]

This is getting pretty hairy

FedUSD stocks sub prime loans



BSC for $2

[james_gsx]

	Quote:	MrPaul
	This is getting pretty hairy FedUSD stocks sub prime loans BSC for $2

Look at the bright side. When this mess is over with, there will be a TON of opportunities to become incredibly wealthy. I already have a few ideas of my own I love global markets.

[Sparrow]

BSC dropped from around 130-160 in august to 2, that's quite something.
Less impressive but still noteworthy, the euro gained about 15% on the dollar since october, also the swissy is now worth more than the dollar.

[james_gsx]

So this came up Thursday at the option addicts website...

I wonder who is going to jail now?





Take note of the price in the quote, then take note of the volume on the March 25 puts. Whoever bought those puts was betting on a HUGE drop in 8 days? Definitely fishy...

[torero]

There's one conclusion I can draw from all this mess: no matter how smart you are, what school you graduate from (esp. bragging rights at wall st.), in the end, we all succumb to greed; there's always someone who will outsmart you (rogue trader from SocGen in France). The worst thing of all is these guys command such large sums of money it's scary to think they're all dumb asses just like us. Sad indeed.

[Soultrader]

haha... nice one T. I know a guy in Bear Stearns... bought a house at the top of the bubble, now being bought by JP Morgan and possibility of losing his job. Dumb?

Found out about this news this morning Tokyo time. Was quite surprised.... so basically they had no money of their own but only its hedge fund clients? WTF???? Article here.

[torero]

Sad, only a year ago, it was worth 20$bil. Wow, these dumb asses sure knew how to increase the value of their company and their clients. So many economists in Wall St. and no one saw this coming... no one!!! Except Cramer!!! Scary!!!!