Bear Stearns' sale to JPMorgan was finalized hours ago, wrapping up a saga that culminated with the collapse of the 85-year-old brokerage firm. It was one of the largest flops in Wall Street history.
But enough doom and gloom. Instead check out this awesome video of CNBC Mad Money host/annoying loud mouth Jim Cramer from March 11, 2008. This is why you can't believe cable talking heads, people:
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I personally held about 10% of my portfolio in Bear back when it was trading at over $100 per share. Luckily I sold out of my position before the crash in order to buy a house.
It looks like the bigwigs at both Bear and CNBC forgot that the strength of any bank is based entirely on the confidence of its depositors. Cramer looks like an idiot in that video. This just goes to show that all the arrogance in the world can't stop a run on the bank.
—mjandri
11:51, May 30th, 2008
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