Monday, March 17, 2008

Collapse: Bear Stearns (BSC)

Blogging's going to be light the next couple hours, here are some headlines in our reader at 15 minutes to the open:
Wall Street Journal:
J.P. Morgan Buys Bear in Fire Sale,
As Fed Widens Credit to Avert Crisis

And:Central Bank Offers Loans To Brokers, Cuts Key Rate

From Bloomberg:
Stocks Tumble Around World, Dollar Declines After Fed Cuts Rate
Brokerage Stocks May Drop 50% After Bear Sale, Oppenheimer's Whitney Says

From Reuters:
Bear to hit hard

JP Morgan's purchase of Bear Stearns for a bargain-basement price and a move by the Fed to expand lending to a broader range of big financial companies, a move not seen since The Great Depression, have investors talking about a crisis of confidence.

From the Financial Times:

BoE pumps extra £5bn into money markets

From FT Alphaville:

Cute- Bear Stearns tremors - now affecting candle-sticks