Bear Stearns Staff Face Reality Of Buyout

Reuters:

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: Reuters

Comments

[jasjohn128]

HuffPost's Pick

These are the people who've been worshipping at the altar of the self-correcting "free market" while the money was rolling in. I wonder how they like it now that the "Invisible Hand" has just picked their pockets and shoved them out the door.

Predatory capitalism is all about winners and losers, right? So they ought to wise up and quit complaining. It's their own individual, personal failures and shortcomings that are the cause of their current financial difficulties, and they'd better not start blaming the boss or "the system" for their problems 'cause the truth is they're just not good enough to keep up any longer; they've got nothing more to contribute, and the economy is just gonna go on ahead without them.

Oh sure, a few B.S. whiners are bitter and angry. Sucks to be them, I guess, what with all their savings and investments wiped out, as hard as they worked and all, getting dressed up every day, stealing and lying 24/7 to build those private nest eggs. (And to support those $5,000 per bottle lifestyles, hmmm?)

Tough luck, too, but when you get right down to it these so-called "bankers" and "investment professionals" are just unskilled labor: their job prospects (outside of fast food and building maintenance) aren't so good right now.

So what's left for them to do? I mean, they can't *all* set up 3-card monte tables on the city sidewalks, can they?