What a week... It started with take over of Bear Stearns by JP Morgan Chase giving shock to every investor across the globe. Exactly a year back Bear Stearns share price was $158 and taken over at the rate of $2/Share. Lehmann Brothers was saved only because of Central Banks three-quarters of a % slash in interest rate. On the other side of Atlantic Ocean the effect was felt, Barclays knocked Bank of England for the second time in a week for an emergency credit facility. In fact Royal Bank of Scotland too joined the party this time. Air France - Alitalia merger is not giving much smiles, Job cuts are unavoidable. Even the premium car maker BMW is sending people home.
Now it’s evident, US economy is in recession and it is dragging rest of us to the same state. By the time I started this writing this blog... The Japanese Central Bank left with no option only to open its doors tomorrow without a boss during this crisis.
19th March 2008
