How Bear Stearns unraveled
Last week's stars aligned to produce two Shakespearean tragedies: the crashes of Bear Stearns and Eliot Spitzer were parallel images of hubris.
Last Monday's now famous Bear Stearns link becomes the financial equivalent of "I have never had sexual relations with Monica Lewinsky":
Alan Schwartz, President and CEO of The Bear Stearns Companies Inc.,
said, "Bear Stearns' balance sheet, liquidity and capital remain
strong."
The British tycoon Joe Lewis lost $1 billion in six months. The shorts, many were the hedge funds promoting the rumors of Bear's illiquidity, made a killing. The government and Fed were forced to unprecedented actions to ensure against a Monday (yesterday) meltdown, and caught flak for rescuing Wall Street, but not Main Street. (Umm, a Wall Street meltdown would slaughter Main Street).
The Wall Street Journal chronicles Bear's last week in all its gory, mesmerizing details... and NYT's DealBook chimes in with a rumor mill insider's perspective. And yes, the Street's rumor mill is now shooting for the next in line - Lehman Brothers, which dropped 20% Monday...
I find this link to Bloomberg's coverage on Bear Stearns back in February quite interesting --> http://www.bloomberg.com/apps/news?pid=20601009&sid=ap5RXayJzChk&refer=bond
It seems Main street is now working it's way up to Wall Street.
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