Depending on which finance sites you’re reading, you’ve probably heard by now that:
- Everyone below the VP level at Bear Stearns is getting fired.
- The investment banking division is going to be absorbed by the Death Star aka JPMorgan.
- All summer analysts are getting their offers revoked and thrown into the street.
- The shareholders have rebelled and may veto the deal now, until JPMorgan pays more or until someone else steps up to the plate.
Although it would make life more interesting if any of the above were true, they are all RUMORS and range from possible to unlikely to completely ridiculous (the Death Star one).
The reality is no one knows what’s going on. Neither the CEOs of the companies, the Fed, nor any of the Managing Directors know what’s going to happen.
Will people be fired? Yes. But no one knows how many, who, or when, and anyone else saying otherwise is simply spreading false rumors.
Are the shareholders going to veto the deal? Maybe, maybe not.
But in any case, do you gain anything by thinking about it 24/7?
No, not really.
Despite my post on Bear Stearns summer offers the other day in which I argued that no one really knows what’s going to happen and where I urged people not to panic, I’ve been getting lots of panicked questions and emails from readers.
So I thought it might be better to give a list of what NOT to do and what to do if you signed on to work at Bear.
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