NEW YORK – After contemplating suicide 62 years ago, George Bailey owner of the financially troubled Bailey Building and Loan purchased exactly one share of Bear Stearns stock with his company’s last two dollars. Bailey Building and Loan got into trouble during the Christmas season of 1946 when George's Uncle Billy lost the payment they owed on a subprime loan underwritten by Bear Stearns.
Earlier today, JPMorgan Chase with the aid of the U.S. Government bought out Bear Stearns for just $2 a share. Auditors later found that all but one share had been sold. As the news of the unsold share broke, George Bailey called Bear Stearns CEO, Jimmy Cayne to purchase the share. Cayne rushed over to Bailey Building and Loan offices to receive the $2 personally.
George’s Uncle Billy said, “JPMorgan Chase sure gotta helluva deal but George stands to make hundreds which he can then use to pay back his original loan – in 1946 dollars, of course.”
