It is very likely that rumors and naked short selling were responsible for undermining of Bear Stearns the ironic part is that the original rumors about Bear Stearns liquidity crisis came from J.P. Morgan there soon to be financial savior. With friends like that who needs enemies? Also why is it that after years of rampant naked short selling it is suddenly so important now to correct it. In earlier days many companies would say it had it's part in a free market. Is this because then it was a friend they used to make money but now it is a possible enemy that could tear them down?
This doesn't answer the question but gives a hint of how big the problem is http://www.deepcapturethemovie.com/