JP Morgan Invades 383 Madison... Literally
This week’s New York Magazine features JP Morgan CEO Jamie Dimon on the cover and refers to the acquisition of Bear Stearn’s as a ‘heist’ but I think they’ve got it all wrong. The guys at JP aren’t bank robbers; they’re pirates. According to the Wall Street Journal (which I’ll admit isn’t the bastion of journalistic rigor it once was), Captain Dimon has sent his deckhands across the street to physically conquer the Bear Stearns headquarters at 383 Madison.
“Although Mr. Dimon hasn’t taken up regular residence at Bear’s headquarters, J.P. Morgan’s security guards have. The bank has stationed its own in-house security guards in Bear’s lobby to speed up processing for the hundreds of J.P. Morgan bankers who stream into the building each day.”
Meanwhile upset BSC shareholders are filing a lawsuit. In court. These investors are deluded, thinking the normal rules of law still apply to this situation. If these guys want to get a penny more than $10/share, they need to get up from their Bloomberg’s, fire the lawyers, grab sharp steel objects and get organized. I nominate Charlie Gasparino to lead the charge.