Bear Stearns defines “Liquidity Problem”

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JPM: “Hi this is JP Morgan”

BSC: “Hi, this is Bear Stearns. We have some ugly positions that we’d like to get out of. Could you give us a market, because um they are really big and no one else can really service us.”

JPM: “No problem. How about this, you give us your firm.”

BSC: “Sigh, that seems fair.”

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