Saturday, Mar 15, 2008
Some more BS on BS
Telegraph: Ambrose's take on Bear Stearns
Bear Stearns exposed as a bank saddled with toxic sub-prime debt
Posted by holding out @ 03:50 PM (476 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. plato said...
"We are now experiencing the first truly major crisis of financial globalisation," said the Swiss central bank governor Philipp Hildebrand this week.
"Never before have banks seen such destruction of their balance sheets in such a short time. Moreover, there are signs that the problems are spreading. The risk premiums on commercial property, consumer credit and corporate loans have risen sharply,"
No comment needed here. How long to 2012 ?
2. harold said...
The spin with respect to "helping out" Bear Strearns is laughable - IT'S OVER.
Here's what Jon Nadler, Senior Analyst at Kitco Bullion Dealers, Montreal, had to say on the debacle:
"Just one day after the Carlyle/Drake event, the markets were rattled by last week's rumours turning into ugly reality: Bear Stearns fell on the hard edge of capitalism and required an immediate defibrillator treatment courtesy of JPMorgan Chase and the Fed. Its shares during the trading day were at one point worth half as much as they were at the opening bell. Parts or all of Bear may be up for sale as it has now hired Lazard Freres to study 'strategic' alternatives for it. It appears the carcass will be dismembered and sold for whatever meat is left on the bones. PR folks at Lehman, UBS, and other firms have their hands full now. Hopefully, their bean counters and management have their feelers in order. Anyway, it has been raining shoes for a while now so Bear is not the last one to drop from the clouds."