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A pound a share for Bear Stearns
A pound a share for Bear Stearns
Last Modified: 17 Mar 2008
By:
Jonathan Rugman
JPMorgan Chase buys Bear Stearns for just a pound a share, way below its market value.
The US authorities are "on top of the situation" according to President Bush, but that hasn't stopped the markets from falling following the emergency takeover of the American investment bank.
Bush has been trying to reassure investors but the speedy takeover hasn't impressed the markets, which are worried that the difficulties at one of Wall Street's biggest names are a sign that the so-called credit crunch is worsening.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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