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Tuesday, March 18, 2008

The name is Bear, Bear Stearns.

Finally, the name has been proved right.

One of the biggest name in Wall Street, has become one of the least valued one. The shares that were once riding as high as $ 158 a piece came down to as low as $2 a piece when JP Morgan bought them out on March 16th. That values it at just $ 236 million (Another of the biggest fall I have seen is that of Microstrategy. I will write about it at another point of time).

And it goes, everything in the world involves India. Satyam Computer Services' $ 10 million a year maintanence contract with Bear Stearns is on the balance as JP Morgan hasn't announced anything yet.

It's all Bears around.

Read in detail about it in here and here. And here.

Update - ET reports that Polaris can also be hit bad since Bear Stearns is one of their Top 10 clients.

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