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March 16, 2008

Quote du Jour on Bear Stearns

I'm sure I'll be adding to this extensively over the next 24 hours, but so far my favorite quote on Bears Stearns being bought for a tenth of what it sold for a week ago, and 1.25% of what it sold for a year ago, comes from the usually more savvy Andrew Ross Sorkin at the NYT:

The cut-rate price reflects deep misgivings about the firm’s prospects.

Gee Andrew, you think?

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