According to wikipedia, "In 2005–2007, Bear Stearns was recognized as the "Most Admired" securities firm in Fortune’s "America's Most Admired Companies" survey, and second overall in the security firm section. The annual survey is a prestigious ranking of employee talent, quality of management and business innovation. This marks the second time in the past three years that Bear Stearns has achieved this top distinction. However, by March, 2008, Bear Stearn's share price reached a ten year low (losing 80% of its stock value) resulting from troubles related to the U.S. subprime mortgage market crisis."
I guess you could say that the range (2005-2007) won't be expanded to include 2008 after the federal reserve had to bail them out yesterday. After loosing 50% over the past year the stock then lost another 50% Friday on the news that their "cash position had unraveled in the last 24 hours, prompting it to secure emergency financing." Fortunately for them, the New York Times is reporting that plenty of people want to buy the company.
Disclosure: I own BSC and hedged.
4 comments:
Twenty or so years ago some friends of mine took me to see Johnny Cash and June Carter perform on the waterfront in Toronto. It was damn hot, but they did an outstanding job.
After the concert I hobbled with my brand new snakeskin cowboy boots to the edge of Lakeshore Blvd. to try to cross when the light just down the road turned red and traffic stopped in front of me.
A long limo eased up infront of me and a head turned to me smiled and his hand came up and waved from inside. Johnny.
Of course being the stupid young person I was, I just stood there with jaw dropped and watched him and June drive away...
But on another note, went to the Outback tonight in Port Charlotte and had the bloomin onion as an appetizer. Guess where the bloomin ring of fire will be tomorrow????
Cheers,
TooQuiet.
Sweet story TQ, I wonder if he liked your new boots. I would have loved to see Carter and Cash.
Well let me tell you, "them boots were Not made fer walkin!"
After i saw that concert I came back with a new perspective on "country", and even more on the early rock 'n roll group that Johnny was on the fringe of in his early years.
The Man in Black tells it like it is, and never took any crap.
This Saturday rock blog turned out to be very appropriate because I fell in to a burning ring of fire, I went down, down, down, and the flames, they lept higher, and it burned, burned, burned, the ring of fire, the ring of fire...
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