NEW YORK (Reuters) - JPMorgan Chase & Co said on Sunday [March 16] it would buy stricken rival Bear Stearns for just $2 a share in an all-stock deal that values the U.S. investment bank at the center of the credit crisis at about $236 million. The takeover, which has the backing of the U.S. Federal Reserve and the Treasury, underlines the risks banks and financial companies are facing as the U.S. mortgage crisis deepens, while the rock- bottom price - more than 90% below its Friday[March 14] close - raises questions over valuations in the banking sector.
INDIANAPOLIS - Workers are paying a larger portion of their health insurance costs as businesses shift more of the burden to their employees to help ride out the economic downturn, an annual study shows. The average employee contribution toward premiums for family coverage climbed 14 percent this year to nearly $4,000, according to a report by the Kaiser Family Foundation and the Health Research and Educational Trust released Thursday. Contributions for single coverage grew 15 percent. But total premiums - the amount split by the employer and employee - rose a modest 3 percent for family coverage and 5 percent for single employees this year.
The U.S. Supreme Court will decide whether a state may constitutionally condition employment on the payment of a special union "political action" assessment without first providing notice and the opportunity to object. In Chicago Teachers Union v. Hudson (475 U.S. 292), the Court recognized certain procedural safeguards for the First Amendment rights of nonunion employees who are required to bear a fair share of union costs. The procedural safeguards include so-called Hudson notices, by which unions must explain the basis for a particular assessment and the right to object.
By CHELSEA KROTZER Ellensburg Daily Record
INDIANAPOLIS - Workers are paying a larger portion of their health insurance costs as businesses shift more of the burden to their employees to help ride out the economic downturn, an annual study shows. The average employee contribution toward premiums for family coverage climbed 14 percent this year to nearly $4,000, according to a report by the Kaiser Family Foundation and the Health Research and Educational Trust released Thursday. Contributions for single coverage grew 15 percent. But total premiums - the amount split by the employer and employee - rose a modest 3 percent for family coverage and 5 percent for single employees this year.
NEW YORK - Just four days after Bear Stearns Chief Executive Alan Schwartz assured Wall Street his company was not in trouble, he was forced on Sunday to sell the investment bank to competitor JPMorgan Chase for a bargain-basement price of $2 a share, or $236.2 million. The stunning last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system sparked by the collapse in the subprime mortgage market. Bear Stearns was the most exposed to risky bets on the loans; it is now the first major bank to be undone by that market's collapse.
Baltimore As Green Bay coaches and officials watch the Packers' game tonight against Baltimore, they might want to pay particular attention to the play of Ravens quarterback Kyle Boller. Because if there's anyone to whom the Packers can compare their own young quarterback, first-round pick Aaron Rodgers, it is Boller.
Researchers say workers are paying a larger portion of health insurance costs as businesses, trying to ride out the economic downturn, shift more of the burden to their employees. The average employee contribution toward premiums for family coverage climbed 14 percent this year to nearly $4,000, according to a report by the Kaiser Family Foundation and the Health Research and Educational Trust released Thursday. Contributions for single coverage grew 15 percent.
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