3/16    Chavez - US supports terrorism:
        http://preview.tinyurl.com/yuus2k (cnn.com)

3/16    JPM buys BSC at $2/share in stock swap (pending shareholder approval).
        Fed agrees to take BSC collateral for $30B cash and will eat any loss.
        Stock had been trading at $85/share in Jan.
        Fed allows investment banks to borrow directly from Fed (previously
        only banks with traditional checking/savings accounts were allowed).
        Fed discount rate cut 0.25%.
        All action announced just prior to Tokyo Stock Exchange open.
        Scheduled Fed meeting this Tuesday, futures expecting 0.5 to 1.25%
        cut to fed funds target.
        Now at 97 Yen = 1 USD.
        \_ Bush = Hero
        \_ It is pretty weird that JP Morgan was able to buy all assets
           of Bear Stearns, today, for 1/100th of what Bear Stearns was
           worth a week ago.
           \_ More like 1/30th,  but still.
              \_ if you also consider the Fed threw in $30B non-recourse on BSC
                 collateral, and the purchase price was $240M, you might
                 say JPM was GIVEN money to buy BSC -op
                 \_ That is what the markets think too, since JPM's stock
                    went up about ~$10B today, while most of their rivals
                    went down.
                    \_ I went to a career fair once where JPM brought in
                       a lot of 'real live employees' (as opposed to
                       recruiters) from NYC to man the booth. I cannot
                       believe how incredibly beautiful these women were.
                       I guess JPM management has good judgement in all things.
                       (Actually, my mom worked there after a merger and
                       at First USA under Jamie Dimon and Mr. Dimon is a
                       very well-regarded CEO, but JPM kind of sucked to
                       work for. Yes, my mom was a hottie back in the day.)
                       \_ ObYerMomJoke
        \_ The Bear Stearns buyout was engineered to hide the fact that a
           GIGANTIC portion of the assets of these investment houses are
           "innovative financial instruments" that have even less value
           than subprime mortgages.  Most of the wealth is hallucinated
           credit with no attachment to any tangible economic activity.
           \_ It is just a big giant casino.
              \_ Well, it is if you daytrade, but it's not to guys like Buffett.
              \_ Well, it is if you daytrade, but it's not to guys like
                 Buffett.
                 \_ Not just for the day traders. For the derivatives guys,
                    the LBO guys, the foreign exchange guys, the CDOs, the
                    SIVs, the entire economy is run like one big slot machine.

3/16    new Air Force slogan is 'above all'.  old Germany slogan
        was 'above all'.
        \_ How about the "Air | Space | Cyberspace" stuff? Is the Air
           Force responsible for cyber defence now?