A great read on the collapse of Bear Stearns in this month's issue of Vanity Fair.
More on the Vanity Fair article at the New York Times.
Especially interesting is the part of the Vanity Fair article where they talk about dealing with CNBC. There is really too much power given to the CNBC correspondents. Give one correspondent an interview, and the other correspondents will snipe at your company on the air.
©2008 Marc Adler - All Rights Reserved.
All opinions here are personal, and have no relation to my employer.
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Was indeed an interesting article Mark, and quite a range of comments and viewpoints on the NY Times site.
All goes to show how fragile the whole dealing/banking environment is - based on trust (and a lot of greed) but with far too much 'dodgy dealing' (aka fraud) going on behind the scenes. IMVHO.
Legalised gambling in some cases, illegal in others. And it hurts to see some of those gamblers getting their money out early, and others - the great unwashed - losing value in their own investments as a result of such royal screw-ups.
As for Bear Stearns, it does seem quite likely that they were killed off through rumours, but they obviously had a tarnished reputation and were much weaker against this sort of attack. And why the market would pay so much attention to CNBC reporters with personal axes to grind, I will never know :-o
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