JPMorgan Chase & Co said it bought 11.5mm shares of Bear Stearns on the open mkt. With the purchase, JPMorgan owns about 12.98mm Bear shares, or about 8.9%. JPMorgan said it expects to buy more shares, potentially until it owns as much as 49.5% of Bear Stearns' outstanding shares.
Notablecalls: What the heck is JPM doing buying BSC stock above their own $10 bid? Is it because they know (or suspect) something..?