Further Consolidiation, one of the biggest problems in current economy, as JP Morgan Buys Bear Stearns for pennies on the declining dollar

Where is the FTC, the SEC? Oh yeah, they were gutted under Reagan and slowly killed since by your privatizing, deregulating right wing interested only in itself.

JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $240 million, about 90 percent less than its value last week, after a run on the company ended 85 years of independence for Wall Street's fifth-largest securities firm.

Shareholders of Bear Stearns will get stock in JPMorgan equivalent to about $2 a share, compared with $30 at the close on March 14, the New York-based companies said in a statement late yesterday. The Federal Reserve is providing financial backing to JPMorgan, the second-biggest U.S. bank, and also cut the rate on direct loans to banks in its first emergency weekend action in almost three decades to stave off a broader market panic.

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