1440 Wall Street:
Bear Stearns on the Ropes
Good sleep might be the most precious commodity this weekend with one of the primary dealers caught swimming naked in the receding tide. This is the biggest challenge ever faced by the Plunge Protection Team.Bespoke:
Banks and Brokers Market Cap
Below we provide a chart of the current market capitalizations of the major banks and brokers. As shown, BSC is now down to $4.5 billion. Lehman's (LEH) market cap is currently at $21.7 billion and Merrill Lynch's (MER) is at $43.4 billion.
DealBreaker:
Trixie Weighs In
My girl Meredith Whitney apparently just said "Bear Stearns stock could become worthless."
DealBook:
Bear’s Troubles Bite China (Again)
China still has a lot to learn about investing.That point was driven home yet again on Friday as Bear Stearns shares plunged after the investment bank revealed that it’s suffering from something akin to a run on the bank. To think that it was only a week ago that Citic Securities, the state-run Chinese brokerage, said it was in talks to raise its stake in Bear.
FT Alphaville:
One anagram for Bear Stearns...
…is Barren Asset.
Hat tip to reader DeepestBlu.
The Big Picture (multiple post mash-up):
Headline of the Day: S&P Cuts Bear Stearns' Rating
2:30: S&P Cuts Bear Stearns' Rating
WTF is going on at S&P ? Are these guys smoking the chronic?PUT THE BLUNT DOWN AND BACK AWAY FROM THE KEYBOARD.
Alea (with chart):Crash
These are the phrases I am hearing more and more:
Counterparty risk.
Securitization.
Concentration risk.
Ill informed investors.
Market depth and price discovery.
My dollars are worthless.
Gold looks nice against my skin.
Electric cars are cool.
I wonder why ...?
