moldybluecheesecurds 2

Tuesday, March 25, 2008

To Bear Stearns stockholders: STFU

Dear Bear Stearns Whiners,

A week ago, your "investment bank" was in danger of going belly up because of really stupid gambles such as subprime mortgages and "highly leveraged" (read: debt-financed) speculation.

My government stepped in and gave $30 billion in loan guarantees to JP Morgan Chase to buy you out at $2 a share, saving you from bankruptcy.

This week, you whined that the price was too low. And so the Fed relented and said that JP Morgan could pay up to $10 a share.

Excuse me? But for the Federal Reserve and $30 billion in taxpayer collateral, you were about to be worthless. If you'd like to go without a bailout, be my guest.

So do us all a favor and shut the fuck up.


P.S. And for the Fed: what the fuck? Let them sink if they don't want $2 a share.

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