Not that there was really much doubt, i.e. the idea that 5th largest investment bank could go from "all is well" to "were going under" in a matter of hours, stretched even the most forgiving sense of credibility. Anyways, can you say "layup" when it comes to litigation, i.e. does it come any easier.....
Via the WSJ...
"Word began to spread among fixed-income traders nine days ago that European banks had stopped trading with Bear."
"Some U.S. fixed-income and stock traders began doing the same on Monday, pulling their cash from Bear for fear it could get locked up if there was a bankruptcy."
"On Tuesday, a major asset-management company stopped trading with Bear."
And then on Wednesday, via David Faber and CNBC, Bear CEO Alan D. Schwartz, aka "Pinocchio", amongst other claims...
"Were are not being made aware of anybody who is not taking our credit as counterparty"
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2 comments:
Some good thoughts that actually make some good sense. Good job mewenz! Welcome to the blogosphere.
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