Under these circumstances, how can anyone seriously accept any judgment or opinion of the Federal Reserve as an honest or ethical arbiter?
The original Bear takeover agreement was forged with the support of federal regulators, and the U.S. Federal Reserve is balking at the higher price, The New York Times said, citing people involved in the talks.
The newspaper said the Fed originally directed J.P. Morgan to pay no more than $2 per share to assure that it would not appear that Bear shareholders were being rescued.
By these metrics, will Bear be valued next week at $50 or $0 per share? Better yet, is the DOW properly valued at 12,000, or does 2,000 or perhaps 60,000 sound a little closer to the mark?
Do these grotesque proceedings, from start to finish, not reek of a snake-oil-swindling carnie act?
The entire article, from Financial Sense is here: Pestilence
UNRELATED BONUS UPDATE: War Nerd splains Kosovo
Mar 25, 2008