Judicial Watch: JP Morgan Described Bear Stearns "Nearly Worthless" Hours Before Deal StruckSubmitted by northstar on Thu, 09/17/2009 - 13:04
Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it has uncovered documents from the Treasury Department related to the March 2008 government-brokered acquisition of Wall Street firm Bear Stearns by JP Morgan Chase and Co. The documents include "confidential" term sheets describing the deal, released to the public for the first time, along with behind-the-scenes email correspondence between Treasury officials indicating that JP Morgan officials believed Bear Stearns to be "nearly worthless" just hours before the acquisition deal was announced. The documents were obtained by Judicial Watch in response to a December 8, 2008, Freedom of Information Act (FOIA) request.
On Sunday, March 16, 2008, JP Morgan announced that it had acquired troubled Wall Street firm Bear Stearns for a price of $2 per share, a fraction of the firm's $30 market price on Friday, March 14. The Federal Reserve Bank of New York (NY FRB) supported the deal with $30 billion in funding at the direction of then-Treasury Secretary Henry "Hank" Paulson.
Part 1: http://www.judicialwatch.org/files/documents/2009/treasury-b...
I got off the phone with them and they'll be correcting the second link soon, but you can download part 2 directly through DP :-)