Yemeni man yells, “I have a bomb” on Amtrak train

Lock him up, and throw away the key, please.

… a 23-year-old Yemeni man named Basel Saleh Salem Kassem got into an argument with another man on the train and then yelled that he had a bomb.“Allegedly he was causing a disturbance on the train and the conductor attempted to move him to another part of the train, that’s when he said he had a bomb and the bomb was in his bag” says Emporia Police Chief Bernard Richardson.

Around 2am the bomb squad determined the threat was a hoax. The Yemeni man was taken into custody by the FBI and is facing a felony charge of making a threat on a public conveyance.

Approximately 300 passenger on the train were evacuated to an elementary school in Emporia, Virginia.

Market bottom?

Last week’s move by the Fed led to a strong, albeit unsustained, rally in the major indices. But investor confidence waned toward the end of the week, and outright panic at Bear Stearns, which lost 47% of its share value on Friday

Carlyle (CCC), Citi, and Bear Stearns lead a list of troubled financials that have fallen on hard times, facing liquidity problems as the uncertain valuation of collaterized debt obligations have weighed heavily on their ability to operate. Today, WSJ is reporting a move by JP Morgan to acquire Bear Stearns.

Effective immediately, J.P. Morgan Chase is guaranteeing the trading obligations of Bear Stearns and its subsidiaries and is providing management oversight for its operations. The deal isn’t subject to any conditions, except shareholder approval. It is expected to close before the end of the second quarter.

Government regulators, including the Federal Reserve and the Office of the Comptroller of the Currency, have given their blessing to the transaction.

We may be at the bottom.

Or not.

The Fed is keeping their powder dry, with rumors of an additional rate cut of 75bp. Obviously the central bank views the liquidity crisis as a bigger concern than an increasing rate of inflation.

Overnight, the Nikkei is down more than 3% in early trading.

A good sign that the aggressive moves by the regulators might work: The Europeans hate it. One thing for sure: market opening will be very tense tomorrow morning.

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