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Nightmare on Wall Street
Another emergency rate cut, and investment bank Bear Stearns goes on the auction block. The canary in the coal mine? It's dead.
Andrew Leonard [2008-03-17]

  • Answering My Critics

    I didn't realize I had so many critics, but I guess I do.

    James Levy, I didn't suggest that we should be feeling sorry the many employees who are likely to lose their jobs. You're right hopefully they've been very unamerican have stashed away their savings. My main point is that many investors are not actually walking away with all that much, and certainly many employees are not. When the deal is valued at only $2/share, billionaires like Jospeh Lewis lose hundreds of million. Yes, he's lucky to have billions to lose, but to just assume that the "investor" class is just walking away unscathed is unfair. Don't get me wrong, the guarantee that the Fed had made that allows JP Morgan to enter in the transaction basically risk free does raise concerns.

    hontonoshijin, I think you really should read what I have written both on my blog and comments here. You may not believe it but I actually am primarily concerned for working citizens. I just don't like the us vs. them attitude that pervades both sides the argument.

    -- AskDong
    [Read AskDong's other letters]
    Monday, March 17, 2008 01:05 PM
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