Nice Building, Shame About The Business
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According to analyst Richard Bove of Punk Ziegel (now a unit of Ladenburg Thalmann & Co.), Reuters reports, “Jamie Dimon did one for the United States. He's a patriot—but he didn't do one for JPMorgan.”
In Bove's opinion, JPMorgan Chase shareholders will be the ones who continue to suffer. Bear Stearns has seen 40 percent of their customers cut their ties, and lost approximately $1 billion in "recent years," Bove says. The remnants of Bear not only won’t help JPMorgan make money, but are putting JPMorgan itself at risk, the article quotes Bove as saying. The only thing left to crow about the deal is Bear’s Madison Avenue office tower.
