FYI on Bear Stearns,
Yes crazy day…we deal with Bear Global Clearing and Prime brokerage services, Bears investment banking uit was a lead underwriter for mortgage backed securities, which are at the center of the sub prime lending credit crisis. Bear experienced a crisis of confidence with some of its hedge fund customers ,soto sure up its cash position Bear turned to the Federal Reserve and JP Morgan Chase. Unlike banks the securities industry looks to preempt any problems, so Bear went to Chase and Chase went to the FED to alleviate the cash crisis. YOUR FUNDS ARE SAFE AND INSURED UP TO $500,000 by SIPC.
From Bear:
12:56pm 03/14/08
Bear able to do business as usual with new credit : CFO - MarketWatch
12:54pm 03/14/08
Bear saw no big withdrawals after bailout announcement - MarketWatch
12:53pm 03/14/08
Bear went to Morgan because it knew firm's holdings:CFO - MarketWatch
12:53pm 03/14/08
Morgan was able to quickly decide on helping Bear : Bear CFO - MarketWatch
12:50pm 03/14/08
Bear CFO:Firm has had no big mark to market hits since Feb - MarketWatch
12:48pm 03/14/08
Bear CEO says he believes book value in the $80s a share - MarketWatch
12:46pm 03/14/08
Bear had big cash outflows on Thursday from hedge funds:CFO - MarketWatch
12:45pm 03/14/08
Bear shares fall 41% as CEO begins conference call - MarketWatch
12:44pm 03/14/08
Bear will continue to explore alternatives with Lazard:CEO - MarketWatch
12:44pm 03/14/08
Bear comfortable with current range of Q1 estimates : CEO - MarketWatch
12:42pm 03/14/08
Bear Stearns had explored alternatives with Lazard : CEO - MarketWatch
12:43pm 03/14/08
Bear will give more detail on its positions on Monday : CEO - MarketWatch
12:41pm 03/14/08
Bear Stearns clients' withdrawls accelerated quickly: CEO - MarketWatch
12:41pm 03/14/08
Capital ratios remain in good shape: Bear Stearns CEO – MarketWatch
This is what I know so far
James
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