A year ago, Bear Stearns was trading around $150 a share. At Friday's close, Bear Stearns's stock market value was about $3.54 billion, at $30 a share. This weekend, J.P. Morgan bought the shop for $2 a share in a stock-swap transaction, (TWO DOLLARS!), which values Bear Stearns at just $236 million. The fed announced emergency rate cuts. On Sunday night. When was the last time you recall a rate cut on a Sunday.
