JP Morgan (JPM) Execs: Yes, We Stole Bear Stearns

Safe on their home turf, with time having healed some of the Bear Stearns pain, JP Morgan (JPM) brass finally admit what a great deal they got (CNBC):

JPMorgan Chase’s top investment banking executives conceded yesterday that their acquisition of Bear Stearns was worth far more than the rock-bottom $10 a share price they paid…

The executives—CEO Jamie Dimon, as well as investment banking co-heads Steve Black and Bill Winters—made the comments late yesterday afternoon during their first company address to the newly combined investment bank…

The meeting was held in JPMorgan’s large cafeteria, attended by about 1,000 employees. Executives with the firm estimate that another 2,000 employees called in to hear the widely anticipated talk…

Black, the investment banking co-chief, said the integration of the firm is proceeding “smoothly” and that JP Morgan “got something that has far more value then the price we paid.” Black said JPMorgan expects to earn an additional $1.1 billion in 2009 from the Bear Stearns businesses. Dimon later stated that the firm still hasn’t come up with just how much of the first $1 billion in liabilities JPMorgan will have to shell out.

Bear Stearns’ headquarters alone was worth more than $1 billion, so no problem.

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