Sunday, March 16, 2008

JPMorgan to buy Bear Stearns Buyout Merger Bid

JPMorgan to buy Bear Stearns

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NEW YORK (Reuters) - JPMorgan Chase & Co said on Sunday it would buy stricken rival Bear Stearns for just $2 a share in an all-stock deal valuing the fifth largest investment bank at about $236 million.

Under the deal, the Federal Reserve will provide special financing and has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.

In a statement, JPMorgan said it would exchange 0.05473 shares of its stock for one share of Bear Stearns' stock. It is guaranteeing the trading obligations of Bear Stearns and its subsidiaries.

Bear Stearns' cash reserves were drained by fleeing customers on Thursday, and on Friday the bank secured emergency funding from the Federal Reserve, extended through JPMorgan.

Bear Stearns' chief executive, Alan Schwartz, said in a statement the deal represented the "best outcome for all of our constituencies based upon the current circumstances."

JPMorgan's chief executive Jamie Dimon said in a statement: "Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk."

The bank said the deal was expected to close by the end of the second quarter and would be accretive to JPMorgan's annual earnings.

U.S. gold futures rise to record $1,013/oz | Markets | Hot Stocks | Reuters

U.S. gold futures rise to record $1,013/oz | Markets | Hot Stocks | Reuters

Sun Mar 16, 2008 8:32pm EDT

TOKYO (Reuters) - Gold futures in New York rose to a record high of $1,013 in electronic trading on Monday, on deepening worries about financial markets.

At 2335 GMT, the active gold contract for April delivery on the Comex division of the New York Mercantile Exchange was at $1,011.5 compared to the New York close of $999.50, after hitting a record high of $1,009.

(Reporting by Miho Yoshikawa; Editing by Rodney Joyce)

Saint Michael Drawings

more pics on link:
Saint Michael Drawings

Shroud of Turin. Science from Rome / Vatican / Pope / Ewtn

excellent new information

Pope says the climate change prophets are scare mongers

the Daily Mail


Pope Benedict XVI has launched a surprise attack on climate change prophets of doom, warning them that any solutions to global warming must be based on firm evidence and not on dubious ideology.

The leader of more than a billion Roman Catholics suggested that fears over man-made emissions melting the ice caps and causing a wave of unprecedented disasters were nothing more than scare-mongering.

Bird Flu Detected in Scotland

Bird Flu Detected in Scotland

Bird Flu Detected in Scotland

Recombinomics Commentary 17:11
March 14, 2008

BIRD flu has been detected at an Edinburgh farm sparking fears of an outbreak in the Capital.

Routine tests by the Department for Environment, Food and Rural Affairs found strains of the virus in some birds at the farm - believed to be Easter Norton Farm, in Newbridge.

The above comments suggest that bird flu has once again been detected in Great Britain. In the recent past, both H5N1 and H7 outbreaks have been reported, including H5N1 in Scotland.

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