China’s CITIC Securities To Walk Out On Bear Stearns (BSC)

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In a previously announced deal China’s CITIC said it planned to invest $1 billion in Bear Stearns (NYSE: BSC). It has had a day to think that over after Bear nearly went under and was saved by capital from JP Morgan (NYSE: JPM) which was backed by the Federal Reserve.

Now CITIC has said "We cannot guarantee reaching a final agreement in the future," according to Reuters. In other words "Don’t call us, we’ll call you."

Douglas A. McIntyre