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Bear Stearns, JPMorgan Close to Deal



By AP
16 March 2008 @ 05:28 pm EST

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BSC 7.43 -0.96
JPM 39.32 -4.68

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"There is absolutely no truth to the rumors of liquidity problems that circulated today in the market," Bear says.

March 12: Schwartz goes on CNBC to reassure investors his company has enough liquidity and he is "comfortable" it turned a profit in the fiscal first quarter.

March 14: The federal government and JPMorgan Chase & Co. bail out Bear. The company says it sought the emergency funding after realizing it would not be able to keep up with a spike in demand from lenders.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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