Banks
Liquidity Problems Slaughter Bear
03/14/08 - 02:45 PM EDT
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Thursday
Despite the denials from Greenberg and Schwarz, the rumors persist and traders are seeking permission before acting in long-term transactions with Bear. A Wall Street Journal story says there is no actual proof that Bear faces a liquidity crisis, and executives insist that it isn't. Nonetheless, one analyst points out the mere fear of a crisis can be enough to overrun a firm.Bear's CEO Didn't Lie |
Friday
In today's premarket, JPMorgan and the New York Fed stun the market with a Bear Stearns bailout. In a press release Bear Stearns CEO Schwartz says in part "...our liquidity position in the last 24 hours had significantly deteriorated. We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations."The bank, hit by the housing and credit crunch, did not award a cash bonus or restricted stock to CEO Ken Thompson.
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