Tuesday, March 25, 2008

A Few Dollars More

This was supposed to be one of those interactive web polls, but I ran into a technological issue. So please just vote silently to yourselves.

JP Morgan’s decision to raise its Bear Stearns bid from 2 bucks to 10 bucks is best described as:

(a) A victory for Bear shareholders and the awesome power of Delaware corporate law.

(b) An embarrassment for Ben “BB Gun” Bernanke and his fellow dealmakers at the Fed.

(c) A once-in-a-lifetime opportunity for major newspapers to use the word “quintuple” in a headline.

(d) The only way for Jamie Dimon to get a do-over on the documentation and fix the whopping error made by a nameless Wachtell, Lipton attorney who apparently lacked the correct prescription drugs to bear down all night on the Guaranty Agreement.

That is, if it really was an error.

(e) All of the above.

(f) This is stupid. Please go away. (Which is, coincidentally, the same thing Bear employees told Mr. Dimon, but he didn't, and neither will I.)

1 comment:

David J. Phillips said...

Or, how about choice (g) a chance for Jim Cramer to reiterate that on Mad Money he "never intended for anyone to go and actually BUY shares in Bear Stearns -- only that, if they happen to bank with Bear Stearns, they shouldn't worry about losing their money (a public service to all those ``Mad Money'' viewers who use Bear Stearns as a bank.) "