Bear Sterns went bankrupt and was bought by JP Morgan Chase at $2 a share.
If we take into account that a year before it was worth $150 per share, It is clear that it has been purchased at a symbolic price. About $200 million vs. over $20 billion a year ago.
The credit crisis that we have lived through and that the United States has lived through is to blame for the destruction of almost $20 billion worth of a large company.
But there are always winners. En este caso JP Morgan Chase, it picks up a business with a large clientele and which can take profit in some years. En realidad el ganador es Chase Manhatan que ya compró un JP Morgan en el año 2000, tocado por las turbulencias de la crisis de 1998 y el caso de LTCM, el famoso Hedge Fund que perdió 4600 millones de $ en 4 meses de 1998 y finalmente fue liquidado en el año 2000.
By the way that Chase Manhatan, although he kept that name, surge de Chemical Bank que compró un Chase Manhatan Bank debilitado por la crisis inmobiliaria de los 90.
Turbulent times we live that serve for the creation of new large companies through mergers and acquisitions.
And of course, otros 20000 millones de pérdidas que surgen a raíz de las subprime.
