Is Jamie Dimon JP Morgan 100 years later
The Panic of 1907, the ___ of 2008. Sunday evening, JP Morgan Chase headed by Jamie Dimon announces they will buy Bear Stearns for $2 per share. The stock closed at $30 on Friday, $57 the day before with an all time high of $159. Investment banks generally have no assets other than talented employees, in this case, Bear had lots of liability for bad investments in the mortgage market, so maybe their employees aren't so valuable after all.
Most interestingly, Jamie Dimon was Sandy Weill's number 2 as Weill and Dimon formed the largest financial services conglomerate in the world during the 90's, Citicorp. Dimon was Weill's hand picked successor at Citi before a falling out. He landed on his feet at Bank One in Chicago and subsequently became CEO when JP Morgan Chase acquired Bank One. Citibank stock has been dropping like a rock recently while JP Morgan Chase with Dimon at the helm seems better positioned for the new financial order to come.
100 years ago, JP Morgan personally stepped in to avert a banking crisis known as the Panic of 1907. A hundred and one years later, is Jamie Dimon JP Morgan reincarnated 100 years later. He got lots of help from the Fed in order to buy Bear Stearns for $2 per share. And the next domino to fall in today's financial crisis is ...