Ok lets be cordial on the topic of BSC. This is a sensitive topic, and many suffered. Regardless anyones viewpoints in this thread, lets keep it civil.
What is your point? All you do is bitch and cry about one thing on Wall Street to the other. You criticize the SEC, then you cry for them to come help make everything in the markets fair. Meanwhile SEC has always been nothing more than a tool of Wall Street to keep the perception that everything is fine & dandy in the financial markets. Bear Stearns was a financial house of cards that was brought down by a rumor. Like the rest of the major IBs are any different, mostly paper profits & paper assets with little real substance. Not too dissimiliar from the whole financial system. But nooooo, it's all CNBC's fault. Easier to think that way, after all, few want to face reality.
Sorry I have no sympathy for BSC. Their Chairman and former CEO Cayne buried the company by his own mismanagement. Playing bridge and golf while the company was under attack sent a great "weakness" signal to the attackers. Imagine what would have happened if we had Eisenhower playing bridge and golf on D-day.
I have sympathy that using manipulation and breaking the law they forced a company under for fun and profit and cost us 29bb. They do it all the time. Biotechs, Banks, doesn't matter. Then, those idiots on CNBC feature the perps and laud them. Like I"ve said, how do you do 25% year in and out with bigger poolsof money? You cheat. It's the only way. Any model in the world tells you that. Brynes' latest podcast, link provided, says he 's got proof Einhorn naked shorted thru Canada. In the Elgindy trial, Derrick Cleveland, a Fed witness who was an accomplice of Elgindy said that 's where they went whenever they needed a particular job done. Forget that it was Bear Stearns. Bear Stearns is a publically traded stock, like Force Protection, or Taser, or Cal - Maine, or a thousand others. Wall St. Complains they are losing listing. Go look at the Calm story. They were going to do a secondary through Paine Webber, and their stock was cut in half after signing the deal. Then, go look at Bank United. Forget what you perceive as value of a company. Anybody filing and listed should get the same chance. If they don't, the listings and IPOs leave. Simple. Oh, and Patrick makes a point. Why, if all his diatribes are outrageous, doesn't he get sued? They can't stand the discovery. It kills them, giving up the records. I was taught this seven years ago, when a small company refused to pay a debenture, was sued by the party, but the small company got discovery - Never mind. You win. That's the game.
Point: the system has been comprimised to the point that it has failed all, and is and will continue to demand huge taxpayer bailout while Wall St. walks with huge bonus money. The SEC is a corrupt organization from the top. While enforcement types, and finally a new IG, the second in its history work to make things right, they top guys vie for coveted positions at the very law firms repping Wall st. And we are trying to change the SEC so it pursues its original mandate. Bear Stearns was one of the worst firms ever on Wall st. But their failure was forced by manipulative forces and risked all of our well being. all for some profit of some punks. It is not all CNBC's fault. But it is possible they are partly responsible by being foolish and talking hedgies books. They will hide behind the 'we're reporters, and don't have to reveal sources" until the Feds uncover the ones that got paid. Then, we'll dance. Don't put words in my mouth. You don't have the education.
It was designed that way from the start. Don't blame them, blame yourself for believing otherwise. Yawn!! You got any news that aren't decades old? It is doing its original mandate. Restore and keep the public's confidence in the markets. People are investing & trading more than ever, hence they are doing their job. It was never their job to keep a level playing field or keep it fair, as if it's even possible on Wall street. LOL Bear Stearns was an INVESTMENT BANK. That's the game they are involved in. If you can't handle the heat, stay out of the kitchen. You need to find out how it works on Wall Street, an industry with a motto of "Kill or be Killed". Please, if Bear Stearns could not handle the rumor, they deserved what they got. OMG, Wall Street media intervined with Wall Street? Who would have thought? I mean really, how old are you? It's the journalist's job to dig up rumors & juicy tidbits like that, no matter how shady or immoral. That's Wall Street, always has been. Just now, it's more "politically correct" LOL but I sure have the common sense. Your education just leaves you clueless and frustrated.
I dont know anything about wallstreet politics or the players but can someone answer me the following Q) what would have happened had bear stears used its $20 billion in cash at the start of the rumors to aggressively start buying its own stock and push up its stock price (I assume they had the muscle to do this before things got fubar?)