刚才听Yan WANG说眼看已经死掉的Bear Stearns一个鲤鱼打挺 ，价格居然上涨了5倍
惊讶万分，赶紧搜索了一下，还果真是如此
热闹了，嘿嘿，下面是转载的文章
http://marketplace.publicradio.org/display/web/2008/03/24/bear_stearns_q
Monday, March 24, 2008
Why the changes to Bear Stearns deal?
If $2 a share in the JPMorgan-Bear Stearns deal engineered by the Fed
wasn't enough for stockholders, will $10 a share satisfy them? And is
this now officially a bailout with a capital B? Kai Ryssdal takes a
look with Marketplace's Bob Moon.
Listen to this Story
TEXT OF INTERVIEW
KAI RYSSDAL: Just when everyone had made peace with the idea of the
Federal Reserve bailing out a big Wall Street investment bank, they
went and changed things on us. Off the top of my head, here are a
couple of the questions floating around out there about the new deal
for Bear Stearns. If $2 a share wasn't enough, is $10 going to satisfy
them? Maybe not. Bear hit almost $14 today, closed at about $11.25. Is
this now officially a bailout with a capital B, and maybe the biggest
question of all, why? Marketplace's senior business correspondent Bob
Moon's here with the answers. Hi Bob.
BOB MOON: Hello Kai.
RYSSDAL: Let's get to the first things first here. Is the Federal
Government on the hook for more money now than in the original deal,
low these seven days hence?
MOON: Well, you know we were witness to a very delicate ballet when
the curtain came up on this new deal this morning. See if you can
follow this stretch. The Bear Stearn shareholders get five times as
much as they were going to get under the original terms, but the
Federal Reserve magically goes on the hook for $1 billion less than
the initial deal.
RYSSDAL: Splitting the difference here. The Fed gets $1 billion back
and Bear Stearns is now somehow worth more money than it was a week
ago?
MOON: Yeah, we can only speculate about what motivated the Fed to
agree to this. Originally it agreed to provide $30 billion of what
they called "special financing." That was another way of saying that
they would make good on the amount of shaky assets from Bear Stearns.
Well now the Fed's agreeing to stand behind just $29 billion in Bear
Stearns' assets. I spoke today to securities law professor John Coffee
at Columbia University. He thinks this was the Fed maneuvering for
largely political appearances. It's been widely reported the Fed
originally dictated the bargain basement price of $2 a share. Well, if
that price went up, it needed to get something back in return.
JOHN COFFEE: I think that was always the concern of the Federal
Reserve, that if any substantial amount was paid to the former
shareholders of Bear Stearns, it would look like the U.S. taxpayers
were subsidizing a failing company, and that when you failed on Wall
Street, the taxpayers bailed you out.
MOON: Now, many critics of this deal are saying, "Hey, take a look at
$10 a share. Now it really looks like a bailout deal."
RYSSDAL: Alright, but here's the thing though, this deal was signed,
sealed and delivered, right? Every regulator, the Fed, JPMorgan,
everybody had bought off on it.
MOON: Seemed to be.
RYSSDAL: Exactly, so what is JPMorgan's motivation now for paying more
than it offered?
MOON: Well, it may have been that the longer shareholders held up this
deal, that there was a bigger threat that nervous investors were just
going to stop doing business with Bear Stearns, or what remains of
Bear Stearns, and that could have put us right back in the same
crisis. There are also some reports that in the rush to get the deal
written up a week ago, that there were some mistakes made in the
contract language, and that caused JPMorgan to push very hard to get
this deal closed. Others say that even adding $8 a share though, shows
what a good deal this was for JPMorgan. Again Professor Coffee at
Columbia, he points out they still get the best parts of Bear Stearns
at a fire-sale price.
COFFEE: They can go through all of Bear Stearns' balance sheet and
take the most problem-laden paper, all the subprime loans, and give it
at face-value to the U.S. government. That means they'll get the
assets they want, which is basically the prime brokerage business, and
maybe the skyscraper, and the rest of it can be largely given to the
Federal Reserve as the buyer of last resort.
RYSSDAL: So what's happening here is that Wall Street held its breath
until it turned blue, and now it's getting what it wanted.
MOON: Well that's exactly the concern that some critics of this deal
are expressing right now. They say, so far, the Fed seems to be
signaling it's going to do whatever it takes to come to the rescue
here. Dean Baker is co-director at the Center for Economic and Policy
Research. He's very concerned just how far down this road the Fed
seems willing to go.
DEAN BAKER: Well, if they don't draw a bottom line, these are
sharp people. I mean the one thing I'll give, you know, JPMorgan, all
of these people, they're business people. They know how to cut a deal,
and if they don't think Bernanke is prepared to draw a line, they'll
just keep pressing and pressing and pressing. I don't think there's
any doubt about that. Why wouldn't they?
MOON: And Baker told me he's alarmed that the Fed doesn't seem to be
demanding anything for what amounts to taxpayers money here. He
suggests extracting some kind of concession here, maybe on limiting
executive pay for example, and he says there's no better time for
regulators to be doing that than right now.
RYSSDAL: Well we'll see actually if that is what happens.
Marketplace's Bob Moon, thank you Bob.
MOON: Thanks Kai.
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