Bearish on Bear Sterns

JP Morgan picked up Bear Sterns for $2 per share - down from trading at $30 on Friday and from $170 last year. That's a total valuation of $270 million for a company that owns it's $1.2 billion headquarters on Madison Ave. Needless to say, the complete disintegration of a major world investment bank does not bode well for the broader economy. But at least we can look forward to $100 million compensation packages for all their executives, at which case we can all exhale and the world will be in perfect balance and harmony again.