As I noted earlier today, last night J.P. Morgan finalized a deal to acquire Bear Stearns for a bargain basement price:
March 17 (Bloomberg) — JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $240 million, about 90 percent less than its value last week, after a run on the company ended 85 years of independence for Wall Street’s fifth-largest securities firm.
Back in December, the New York Yankees agreed to a contract for one man more $ 30 million more:
NEW YORK — Alex Rodriguez wasn’t supposed to be a Yankee. Wasn’t going to happen.
Yet on Thursday, nearly two months after appearing to end his tenure in the Bronx, A-Rod made his return to pinstripes official with a deal that should keep him with the team until the age of 42.
“It seemed like the whole thing was a roller coaster,” A-Rod said. “It was very emotional. It was very stressful. All along the line, I knew that I wanted to be a Yankee, and somewhere along the line, I took a couple wrong turns.”
The deal is worth $275 million over 10 years, with a reported incentive package that could raise the total value as high as $305 million. A-Rod’s new contract is by far the biggest in baseball history, eclipsing his own record set when he signed with the Rangers for $252 million before the 2001 season.
Perhaps Bear Stearns should’ve turned to A-Rod for help.
