Editor's Comment: The ultimate stock drop
The fire-sale of Bear Stearns to JP Morgan Chase represents an extraordinary chapter for corporate America and one of the most significant events to hit the US legal market in recent years. The 'cost' of acquiring Wall Street's fifth largest bank has nothing to do with the $236m (£117m) the house of Morgan is putting up, which amounts to less than a quarter of the value of Bear Stearns' Manhattan real estate. The cost is the $6bn (£2.96bn) one-off charge set aside to handle potential litigation and severance costs.
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