Huffpost Business

Bear Stearns Staff Face Reality Of Buyout

Posted: Updated:

Employees at Bear Stearns Cos were hardly celebrating the day after JPMorgan Chase & Co raised its bid for Bear five-fold.

Instead, resignation, bitterness and anger gripped Bear staffers, who are also major shareholders, as they bustled into the fallen investment bank's headquarters on a crisp, clear day in New York.

The new offer, while higher, was 88 percent below the stock's value a month ago, wiping out what was for many the bulk of their personal wealth.

Read the whole story at Reuters