There Is a Blue-Light Special on Brokerage Firms

Lehman is in bankruptcy. Merrill Lynch is sold to Bank of America for $44 billion. Bear Stearns sold to JPMorgan Chase for $2.2 billion, after originally agreeing to be bought for approximately $500 million. There is a fire sale on Wall Street firms, and it is all because of one nasty little word: greed. Bear Stearns had gotten so greedy that it had leveraged its own assets to the moon...