Business

PROTESTERS JUST CAN’T BEAR JPM’S BAILOUT

Homeowners from across the country yesterday took up residence in the Midtown lobby of investment bank Bear Stearns to protest what they called a government bailout at the expense of struggling taxpayers.

More than 100 protesters crowded the lobby waving signs and shouting chants before they were escorted out by police an hour later.

“We want the CEOs to know how it feels when someone takes over their home,” said Bruce Marks, founder of the Boston-based Neighborhood Assistance Corporation of America. “We came to say, ‘Stop the bailout of the corporations who profited from the mortgage crisis.'”

Chanting “Main Street, not Wall Street,” the demonstrators blamed Bear and JPMorgan Chase, which is taking over the hobbled investment bank, for fueling the mortgage crisis.

Protesters, who came from New York, Connecticut, Maryland and Florida, moved on to JPMorgan after the demonstration at Bear’s headquarters.

The lunchtime protest caught Bear employees off guard. Some took pictures, while others applauded.

JPMorgan said March 16 that it would acquire its rival, Bear Stearns, for $2 per share, in a deal brokered by the Federal Reserve. Earlier this week, JPMorgan upped its offer price to $10 a share to placate Bear shareholders who balked at the original price.

Bear shares rose 27 cents to $11.21, while JPMorgan’s stock slipped $1.95 to $44.11.

“Bear Stearns employees aren’t worth $2,” read one protester’s sign.

“We will go to their neighborhood, we will educate their children on what their parents do,” Marks said. “They should be ashamed.”