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JPMorgan Gearing Up to Move Into Bear's Sweet HQ

FINANCE • JPMorgan Chase will probably move its investment-banking unit to Bear Stearns' smokin'-hot headquarters on Madison Avenue. The building is valued at $1.2 billion, which is just one-fourth of quadruple the price JPMorgan paid for the firm itself. [NYP] • JPMorgan Chase's valuation of Bear Stearns shows that financial institutions are significantly overvalued. Speaking of which, many employees had their life savings wiped out. [NYP, WSJ] • Meanwhile Goldman Sachs' earnings are down but beat analysts' expectations. [DealBook/NYT]