What a weekend we have when an institution of BS stature with such a long history makes history through it owns demise. At first I did not really believe that a company that closed around $30 on Friday sold over the weekend for $2.00 and was all approved by the Fed in a short couple of days. Wow! It was bad and the markets were fortelling a meltdown this week and all the players pulled out all the stops to prevent a meltdown from occuring. Below are a couple of comments from a Globe and Mail article. (it makes me think how big this problem really is and if BS can fail who is next....scary to even be thinking it...)

"The announcements from both the Fed and JPMorgan come ahead of what some analysts expected to be a brutal day for global stocks. Already, before the announcements, New Zealand's markets opened drastically lower – then began to recover after the deal was unveiled.

“This is going to go down in very historic terms,” said Peter Dunay, chief investment strategist for New York-based Meridian Equity Partners. “This is about credit being overextended, and how bad it is for major financial institutions and for individuals. This is why we're probably heading into a recession.”

A collapse of Bear Stearns could have created a further crisis of confidence in world financial markets amid a deepening credit crunch. JPMorgan's acquisition of Bear Stearns represents roughly 1 per cent of what the investment bank was worth just 16 days ago.

The deal marked a 93.3 per cent discount to Bear Stearns's market capitalization as of Friday, and roughly a 98.8 per cent discount to its book value as of Feb. 29."