An interesting article on the Bear Stearns "rescue":
http://www.hussmanfunds.com/wmc/wmc080324.htm
"Bear Stearns is trading at $6 instead of $2 because unelected
bureaucrats went beyond their legal mandates, delivered a windfall to
a single private company at public expense, entered agreements that
violate the the public trust, and created a situation where even if
the bureaucratic malfeasance stands, the shareholders of Bear Stearns
will either reject the deal or be deprived of their right to determine
the fate of the company they own. Very simply, Bear Stearns is still
in play. Still, when all is said and done, my own impression is that
the ultimate value of the stock will not be $2, but exactly zero."
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