posted on Apr, 17 2008 @ 10:27 PM
I have my own theory on this and tell me if I'm crazy. I don't know if anyone remembers Texas
but a basic rundown is this. Texas commerce merged with Chemical Banking cor. Chemical bank bought Chase Manhattan, then JP
morgan bought chase ending up with JP morgan chase co. who as we all know bought bear stearns.
Now I know it says so in the wiki article but I think it is worth noting
Jeb Bush's career started with an entry level position in the international division of the Texas Commerce Bank, a job he received through James A.
Baker, a long time family friend and chairman of the board. Bush assisted in drafting communications for the company's chairman, Ben Love. In
November 1977 he was sent to the Venezuelan capital of Caracas to open a new operation for the bank. Bush spent about two years there, working in
international finance. He eventually worked for the bank's executive program.J.P. Morgan acquired in 1987
Now I won't mention what I think he was heading down in Caracas Venezuela...
So anyways who had shares in bear stearns? For one, as of december 2007 Morgan Stanley - 5.37%. Well, it just so happens that one of morgan
stanley's more notable former employees is Kevin warsh
I doubt he still holds any bear stearns
or morgan stanley though
So If you ask me when you have a man that is governing the federal reserve holding shares, deals are going to be made. JP morgan had no problems
getting a loan from the fed to snatch up bear stearns. I personally feel that there are a lot more people that hold shares in both bear stearns and
JP morgan. For them they knew of the collapse ahead. So why not sell everything you got in bear stearns (this was the run that brought it crashing
to the ground) and buy into JP morgan where you already have shares. JP gets a loan that A. will never be payed back because after all it's the
federal reserve, Americas money not theirs. "Well we really want to pay you back uncle sam we just can't because the market will crash if we do.. I
hope you understand." B will get paid back because of the massive profits made when they get what was bear stearns back on their feet. Don't
forget even foreclosed homes sit on land and that land can and will be worth a good bit sooner or later. It's a sweetheart deal for JP morgan and
even the people in bear stearns that knew what was coming.
I also feel that (like many others have said) the federal reserved was buying silence for what goes on at the SEC and other Gov. organizations that
are supposed to be there for oversight. Not much oversight when you have people with their hands in what they are overseeing.
Universal health care in the united states? Thats socialist!!
But It's cool that these people who knowingly took risks and failed get bailed out with our money.
Actually they aren't even taking
risks anymore because the buddy system works so well, they are embezzling the working mans tax dollars at a rate that makes the welfare queens look