JP via RSS
Noah and the Ark
http://blogs.wsj.com/deals/2008/09/29/how-jp-morgan-raised-115-billion-in-24-hours/
JPM used Federal Fund guarantees to acquire undervalued Bear Stearns assets privately without offering warrants to the public.
BS had traded at 171.52 in January 2007 just the year before.
The 85% Ides of March 2007 BS collapse was the handwriting on the wall, The Economic Storm Warning.
Many, greedy for more profits, listened to authorities who said everything was fine. They ignored the March 2007 Stern Bear warning at their own peril, like Hurricane evacuees who refused to leave the party in time.
The market on artificial stimulant steroids kept going higher, with the Dow finally topping out at 14,279.96 on Thursday 11 October 2007.
http://www.reuters.com/article/topNews/idUSN1650564120080317?feedType=RSS&feedName=topNews
Less than a year of bear market decline later, AIG, C, FNM, FRE, Chrysler, F, GM and other titans sought bailouts in the trillions of dollars. Most taxpayers opposed bailouts as much as 100 to 1 in calls to their elected representatives. They bought physical gold and silver.
A Presidential candidate and both Vice Presidential candidates stated for public consumption they were opposed to a federal bailout of AIG.
AIG was an 89 year-old international insurance company in 130 countries, the 9th largest corporation, with 116,000 employees, auto, casualty, credit, life and property insurance, ie vital life, fire, flood and hurricane protection.
AIG was only the tip of the global derivatives iceberg meltdown.
http://meltdown2011.wordpress.com/history-of-the-meltdown-so-far/
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