Shareholders Rubber-Stamp Bear Selloff

84% OK JPMorgan buyout; chairman 'sad' over firm's demise
By Nick McMaster,  Newser Staff
Posted May 29, 2008 12:21 PM CDT
Shareholders Rubber-Stamp Bear Selloff
People enter and exit Bear Stearns headquarters in New York Tuesday, Jan. 8, 2008.   (AP Photo/Jin Lee)

The buyout of Bear Stearns neared finality today with 84% of shareholders voting in favor of acquisition by JPMorgan Chase, the Wall Street Journal reports. Chairman James Cayne shared his feelings publicly with shareholders about the bank’s demise for the first time: "I personally apologize,” he stated, "I'm sorry. Words can't describe the feelings that I feel." (More Bear Stearns stories.)

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