A little over one year ago today; on January 1, 2007 Bear Stearns was trading at $169 per share. Wall Street knew the investment banking firm was in trouble. The FED Chairman recommended that all banks and investment banks come clean on their losses, as banks like CitiGroup were spreading the bad news and write downs over more than a couple of quarters. Without all the bad news out, the FED could not lower rates to prevent a hard fall into recession rather than a hop, skip and jump back into positive territory and positive news to bolster consumer confidence.
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A few days before Bear Sterns collapsed and the stock went into free-fall to $2.00 a share, it was at $85.00 per share and James Cayne the older gentleman CEO, said not to worry, all is well at the investment banking firm. But all was not well and it appears that CEO James Cayne was un-able to do anything about it. Carlyle Group the day before, saw its mortgage group crash and creditors move to seize assets. Of course, now James Cayne, is out and it appears that Alan Schwartz the current President may become CEO, but what can anyone do now?
Perhaps you may not know any investment bankers, but as a former Franchisor, I knew quite a few, I always found them to be in my opinion quite cocky, almost as if they thought that they were the King Makers and that the Entrepreneur behind a company could easily be replaced, as all that was really needed was money? Well, guess what, with all the money in the World at their disposal, what did Bear Sterns do? They washed all down the sink, and now they are in the grinder. Touche! I say to all those arrogant investment bankers. See Ya! Looks like the NY Bankruptcy Lawyers have their work cut out for them now.
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