BARELY STANDING STEARNS UPDATE

MSNBC is reporting that JP Morgan will be cutting half of the Bear Stearns employees. That's about 7,000 jobs.

So their stock options are crap and they're losing their jobs. Talk about a sucky Saint Patrick's Day.

BARELY STANDING STEARNS

How the mighty have fallen. Bear Stearns, one of the largest global investment banks and securities trading and brokerage firms in the world, has fallen to its knees faster than a hooker with Eliot Spitzer.

Last Friday Bear Stearns was worth $3.5 billion. JP Morgan is purchasing Bear Stearns for $236 million. WHAT!?

A year ago a single share of Bear Stearns was $170. Morgan Stanley is paying $2 per share!!

I bought 2 shares of it myself today in the form of a grande non-fat chai at Starbucks.

And the stock market is a tumbling.

Later today, our Idiot Savan President, sans the Savant, will give a press conference about the economy. I can't wait to hear what he says. Oooo, I hope he brings up the whole "make my tax cuts permanent" issue. Because, you know, it's working so well. Note to self: trickle down theories don't trickle down.