"Bear Stearns' balance sheet, liquidity and capital remain strong." (March 10, 2008, Bloomberg)
Alan Schwartz, the top subprimate CEO at Bear Stearns
The subprimates at the Bear's den have done it again- to the poor taxpayers of this nation. Notch this as another bail-out for them. Don't expect a single penny due the taxpayers though.
We remain convinced that the $2/share offer by JPM for Bear Stearns was a shame-you-all offer, directed at the other so-called prime (now subprime) non-deposit bearing banks. GS, MS, ML, and LEH will stand up and take notice now. Never mind your prime brand name, prime office locations, prime intellectual capital, if you don't have hard capital to back those things up, you're nothing. Well, worth nothing. JPM is licking its chops. These guys are pros in this game. They've done it at least once before in 1907.
This is what happens when we have toxic capital, toxic economy, and toxic finance.
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