Bear Stearns global headquarters on New York, March 17, 2008.
This photo is seared into my memory — it was a decade ago today. (The purchase price was eventually re-negotiated up to $10 share).
Some employee slapped a $2 bill over the logo at the entrance on Vanderbilt and 46th Street and the photo went viral. JPM got stuck covering BSC’s fines, and Jamie Dimon seems to have come to rue the acquisition. I have not seen a full analysis if the purchase was worth it, but the Bear HQ was worth more than the entire purchase price
You can see my real time discussion at the time here:
More thoughts on the Fed & JPM’s BSC Liquidation (March 17, 2008 6:40am)
More later this week . . .