The Wall Street Journal has a three part series about the Failure of Bear Stearns. The articles give an inside view about the mis-steps and run on the bank. The first two parts are available. Part 1 http://online.wsj.com/article/SB121184521826521301.html?mod=hps_us_whats_news Part 2 http://online.wsj.com/article/SB121193290927324603.html?mod=hps_us_whats_news
If it were me going after Bear, I'd have skipped the part about Greenberg and the golf club and the trading floor. Instead, what was really important was his appearance on TV where he termed the rumors "ridiculous". The next key event was the conference call - that's the real deception by Schwartz - the company was mortally wounded by then. This bit that it all developed Friday and into the weekend is BS - Ip's article says to me.
Still seems like they picked on bear, and it could have happened to many other firms besides them. Maybe it was easier to nail one of them to the wall than a basketfull.
The important question is where the hedge funds put the money after getting out of BSC. GS, MER, MS or LEH?
Many financial firms can only survive two weeks without outside funding. Fed made a HUGE mistake by refusing to lend to Bear Sterns before it collapsed.