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As you may know, the Bear Sterns (BSC) was bought by JP Morgan for $2 a share as of this afternoon March 16 US time (Reuter News). And here was Cramer’s take on Bear Sterns on Mad Money just last Tuesday (March 11).
Dear Jim: Should I be worried about Bear Stearns in terms of liquidity and get my money out of there? –Peter
Cramer says: “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear.”
Yeah, the Bear IS in trouble and they are taken over, but at $2 (it may go slightly higher if another buyer emerges), it is virtually go under as far as shareholder concerned.
The following is a list of Investment services companies:
(Source:Google Finance, Mar 14, 2008, full size pic is here)
Bottom line: if you have BSC stocks and listened to Cramer’s advice and hold it through last week. I felt very sorry for you 🙁