The big news this morning is that Bear Stearns is being bought out for $2 a share. Basically, if you owned stock in that company, you're screwed. But someone explain to me how the price of the stock went from $30 on Friday (which, presumably, was the price a willing seller would pay to a willing buyer) to $2 over the weekend. It sounds like the equivalent of a "run on the bank" for Bear Stearns but I'm not sure why it happened.
And the story also mentioned that at $2 a share, the price of the takeover is actually less than the value of the real estate the soon to be defunked company owned.
And, one more thing, with gold at $1,000 an ounce and the Euro being worth a ton more than the dollar, are these dark days?
at 11:36 AM