I haven't even seen what may be the take around the various blogs this morning, but here's the chart over the last year. It traded up around $157 nearly a year ago, and upwards of $170 at its all time high just over a year ago. As of the print on this chart: $3.81; and it's being sold to JP Morgan for $2, 1.2% of its all-time high value as judged by its owners holding its securities

That little orphan candle, coming down, as it were, to kiss the volume spike on its way up over the last couple of trading sessions, is today's action. It opened on a gap from around $30 per share to just over $3 per share, a 90% loss in value in an instant, and that, off of a loss of 80% of the value over the last year. Yep: that's a collapse and it's a very good illustration of why it's never a good idea to have all one's eggs in one basket.
My take? Beautiful. Yea, I know a lot of people have lost a lot of money and I take no pleasure in that, but this simply isn't child's play and this is precisely what ought to happen. What you see, above, is that in spite of all the state's wrangling in the economy and with the money supply, you simply can't force investors and traders to hold securities they've lost confidence in. You can bring out the smoke & mirrors, but the very thinest pretense of the concept "free market" that gets tossed around is that a seller is generally not prohibited from selling. And so, in spite of all the talk of the "government stepping in on Friday," well, see for yourself.
Now, the only question remaining is why people think that government regulation and stimulus is going to save their asses when investors aren't willing to hold. And anyway, what was the implicit purpose in the government's "stepping in?" Was it not, at the most fundamental level, to give investors confidence so they'd hold and not flood the market with sell orders? So, in reality, the government is impotent. It can only steal from some people and give it to others in hopes everyone holds pat long enough for the ripples to die down. Well, it didn't work here, and BSC got what was coming to it.
Of course, how it got to here in the first place is an altogether different discussion, but in the end, the same thing. It got to here because, fundamentally, it thought it could escape the just consequences of bad financial decisions, and it thought that because of the continual meddling of the State in the first place.
Now you'll get to enjoy the spectacle the the State coming in to save the day by conducting complete investigations, issuing indictments, a white-collar perp walk or two, a prosecution or two and potentially some jail time -- and all to mask to very true and real nature of what the problem is and what is at the root of it.

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