JP Morgan to guarantee the trading obligations of Bear Energy
“Effective immediately, JP Morgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations,” said the bank in a statement, following the acquisition which valued Bear Stearns at $240 million, less than a tenth of its value last week.
JP Morgan did not immediately respond to a request for comment.
Late last week reports surfaced that Bear Stearns’ Bear Energy trading unit was liquidating all or part of its
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