Bear Stearns (BSC) Now Down Over 20% On Severe Liquidity Crunch

Shares Bear Stearns (NYSE: BSC) is now down 22% following news of a bailout from the New York Fed and JPMorgan. In its release, Bear Stearns noted their liquidity position in the last 24 hours had significantly deteriorated. The company cited a multitude of market rumors regarding the liquidity, which the company said it was unable to dispel.

Bear Stearns also announced that it is talking with JPMorgan Chase & Co. regarding permanent financing or other alternatives, but said it can make no assurance that any strategic alternatives will be successfully completed.

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