Bear Stearns Liquidated at $2/share, Down From $30/share Close on Friday

The fecal material is hitting the fan. Investment bank icon Bear Stearns basically worthless..... I'm pretty sure that JP Morgan would only be taking them out to avoid issues with counterparty liabilities. Very bad stuff......

Asian stock markets went into a freefall after Bear Stearns, trading at $30 by Friday's close, announced a deal to be sold to JP Morgan for $2/share in a stock-swap transaction. Bear Stearns' price peaked at $170 in 2007. "The price is indicative that there were bigger problems at Bear than clients and the public realized," said Ron Geffner at Sadis & Goldberg.

Whole article is here