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Ides of March Take Down Bear Stearns, Spitzer - Who's Next?
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Much superstition surrounds the Ides of March, which is best known as the day Julius Caesar was assassinated. A soothsayer warned Caesar to "beware of the Ides of March" just before he was stabbed to death by Brutus. Many now view the Ides, which is March 15th in the Roman calendar, as a day of impending doom.
This March has been one of staggering surprises - the resignation of Eliot Spitzer and the failure of Bear Stearns being the biggest.
On March 12th, New York Governor Eliot Spitzer announced his resignation after the shocking news that he was involved in a prostitution ring. Spitzer made a name for himself as the NY Attorney General, prosecuting Wall Street misdealings. Spitzer, a man who built his career and preached about doing the right thing, was reduced to nothing more than a common fool, resigning in shame.
On March 16th, major Wall Street investment bank Bear Stearns (NYSE: BSC) said it will sell out to JPMorgan Chase (NYSE: JPM) for a mere $2 per share, after a severe liquidity crisis took down the once mighty 85-year old company. Bear Stearns, a company that survived the Great Depression, became a victim of their own greed and the laughing stock of Wall Street.
If someone were to tell me at the beginning of the month that "Mr. Do-The-Right Thing" Eliot Spitzer was running around with hookers and that the mighty Bear Stearns would implode, I would have recommended that they be admitted to a mental institution. Now here we are.
Superstitious people say bad things happen in threes, so what could be next? Here are some more crazy things that could happen, although they have low probabilities:
- The FOMC Cuts the Fed Funds Rates to 0%
- Fed Chairman Ben Bernanke Resigns
- Citigroup Goes Under
- Crude Oil spikes to $200
- Unemployment Rate Surges Higher
- Fannie Mae/Freddie Mac need government bailout.
If you can think of some others please comment below. [LJ]
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Don't Stop There
Steve S on Mar 17, 2008 03:14 PMThose are sweet, but don't stop there. AXL strike sinks american autos - Hyundai acquires GM/F for $2 a share. JPMorgan becomes last remaining back renamed BIG OL' BANK A woman or african-american win the presidency