Perhaps such willful ignorance from Bear helps explain why three of their hedge funds just blew up. Apparently they don’t even read the news.
- “Housing slump eroding profits, from railroads to chemical companies“
- An Australian bank warned its funds had lost 25% of their value even though they have no direct subprime exposure
- US carmaker sales plunge, housing market partly blamed
Bear Stearns sounds like the Bush Administration. Everything is fine because we say it is, and reality shall not be permitted to intrude.