Grand theft: Bear Stearns by the US Government--no baseball tickets for you

Where is money going that might otherwise be used to buy tickets to a baseball game?

• Andrew Ross Sorkin, NY Times: "Somehow, in the space of about 100 hours, the value of a share of Bear Stearns, one of the nation’s most storied investment banks, skidded from about $67 to a bargain-basement $2....

• For Bear, the final nail in the coffin came not from Wall Street, but from the government....

So the government, led by Henry M. Paulson, the Treasury secretary (and the former chief executive of Goldman Sachs, for you conspiracy theorists), put a gun to Bear’s head: take a deal with JPMorgan or file for bankruptcy." ...

• From NY Times article by Andrew Ross Sorkin, "Saving Wall St. (For Now)," 3/18/08

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