“You Aren’t Misreading. Bear Stearns Is Worth $2 a Share. That means $236 million. Effectively zero. And with J.P. Morgan’s risk somewhat limited by the Fed, which is taking the extraordinary step of funding up to $30 billion of Bear Stearns’ less-liquid assets.
This is what they call on the Street ‘going donuts.’ But there is nothing sweet about the thousands of employees who have lost much of their life savings and most likely their jobs, too.�?