NEW YORK (AP) - Wall Street is waiting for word that JPMorgan Chase & Co.
reached an agreement to acquire wounded investment bank Bear Stearns Cos.
The two sides reportedly want a deal locked up before investors can put
pressure on both of their stocks once Asian markets open for business. The Wall
Street Journal reports the two banks were close to a deal for JPMorgan to buy
Bear for $20 a share, or $2.2 billion.
The government, which on Friday helped facilitate a deal to provide funding
to Bear Stearns through JPMorgan, continues to monitor the situation closely.
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