JPM is taking on the debt simply because the Fed have told them that the affect of not bailing BSC would be much worse for everyone than taking the debt on. That's scary because it also tells you that the situation everywhere is so bad that complete financial collapse was imminent and a whole international investment bank can now be valued at less than one of it's office buildings! BSC was your 1 bank but there may be others.

SKF is still a good play and will be for a while with all this fear. I wonder if the VIX will get to 9-11 levels tomorrow?