Tonight when I was at the gym, I found a printout of this article that someone had left behind on my favourite elliptical machine. It covers how the American investment bank Bear Stearns collapsed last March under speculation that it was short of funds ... and suggests that the rumours were deliberately spread in order to bring down the bank.
On Monday, March 10, the rumor started: Bear Stearns was having liquidity problems. In fact, the maverick investment bank had around $18 billion in cash reserves. But soon the speculation created its own reality, and the race was on to keep Bear’s crisis from ravaging Wall Street. With the blow-by-blow from insiders, Bryan Burrough follows the players—Bear’s stunned executives, trigger-happy reporters at CNBC, a nervous Fed, a shadowy group of short-sellers—in what some believe was the greatest financial scandal in history.A fascinating, engaging read that makes you wonder ...
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