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DailyMail photo. They say Cioffi was heckled after being arrested Ralph Cioffi and Matthew Tannin, former execs at Bear Stearns did that funky perp walk this morning after being arrested by the FBI on fraud charges. The collapse of the funds they managed, in which investors lost over $1 billion, was one of the [...] Not only can you buy this tshirt on eBay, you can buy a Bear Stearns stock certificate for more than the stock itself is worth! Bear Stearns has (had?) 14,000+ full time employees who owned one-third of all Bear Stearns stock, presumably much of it in retirement funds where they were not allowed to sell. Thus, thousands of people, many almost certainly not wealthy, just had their retirement nest egg vaporize. A year ago, Bear Stearns stock was $150… [...] Bernanke is an academic and scholar of the Great Depression. Looks like that knowledge has been helping as the unprecedented, some say “out of the box”, moves by the Fed today have unquestionably stabilized financial markets that were on the verge of melting down. That’s about $2 a share… Fed makes emergency rate cuts, eases borrowing. Or else Bear does a bk. The contenders are JPMorgan and J.C. Flowers. The stress level at Bear among executives whose life savings is tied up in the company’s stock was palpable Saturday as the meetings to determine the value of Bear continued. The speed at which Bear Stearns imploded is quite staggering. [...] Naked Capitalism details the multiple reasons for the collapse, the precipitating event being rumors of financial problems at Bear caused massive withdrawals of cash by hedge funds and other institutions. Did others deliberately push Bear and that Carlyle hedge fund off a cliff? An awful conspiracy theory presents itself: were Bear’s creditors trying to deliberately [...] Wall Street investment bank Bear Stearns received emergency 28 day funding today from JP Morgan and the NY Fed. BSC cratered on the news and closed at 30, down 27 points, a whopping 47% drop in just one day. Reports are circulating that major banks have issued orders for no dealings with Bear Stearns, [...] |  | ||||
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