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Article: Banks Show Signs of a 180; The Fed rescue may mark a turning point for investor confidence.(Federal Reserve Board)
- Article from:
- U.S. News & World Report
- Article date:
- April 7, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 All rights reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kirk Shinkle
The ongoing financial crisis finally has its iconic image, thanks to pranksters at the New York headquarters of Bear Stearns & Co.: a $2 bill, taped to a revolving door.
On March 17, that bank note could have bought a share of Bear's stock under the terms of JPMorgan Chase's Federal Reserve-backed buyout bid. That low-ball price has since been raised, and the shares traded around $11 last week--still a big drop for a stock that fetched $77 when March began. But the sudden, stomach-churning near-failure of the country's fifth-largest investment bank could mark a turning point for the financial sector, the moment when bold action by Fed Chairman Ben ...