I remember some bad news from Bear Stearns in July of last year. The Bear told their clients that two of their funds were close to being worth nothing. Then the big bad Bear roared in August and raised it's deadly claws, blocked withdrawals from these investment funds, and sold off the rest of the imploded funds in the Cayman Islands or elsewhere. The poor Bear was hungry. Now let's ask ourselves, just what did these funds aim to support...? You guessed it...subprime mortgages and mortgage backed securities. The Bear bank had to put up almost two billion dollars in rescue financing while bonds backed by mortgages were floating down the Hudson River. Sound familiar ? Wasn't it about the same time Bank of America tried to play superhero with Countrywide with a two billion dollar loan (ahem...option to purchase?) to the company? And did Bank of America end up with the failed lender? They did, by golly. Just to prove that they weren't bad guys, Bears' execs gave up their bonuses at Christmas time and admitted that they had a "dismal year". And wasn't it weird how Bears' CEO, Jimmy Cayne, announced his retirement in January on the heels of Bear Stearns first quarterly loss as a public company and announced total subprime-related write-downs of $1.9 billion? Since those problems came to light last summer, the stock price has plummeted from $150 to it's Monday buyout of 2 bucks a share. The Bear went into hibernation while the looting of America continues. Hooboy...when will it end? Seven years?
....addenda-I heard the price went up to 10 bucks....durn...thar's a bear in them thar hills, Loweezy. Nobody could possibly have done anything illegal-like, could they?
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