Monday, Mar 17, 2008
Um - Can I have a look at the balance sheet, please?
Bearstearns.com: "BEAR STEARNS FIRST QUARTER EARNINGS ANNOUNCEMENT SCHEDULED FOR MARCH 17, 2008 WILL NOT OCCUR"
"NEW YORK – New York – March 16, 2008 – In light of entering into an agreement to merge with JPMorgan Chase, The Bear Stearns Companies Inc. (NYSE: BSC) will not be announcing its first quarter 2008 financial results on Monday, March 17, 2008, as previously scheduled."
Posted by trough2010 @ 09:48 PM (614 views) Add Comment
8 Comments
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1. titaniccaptain said...
And why not?............
2. Lasertrip said...
Because their auditors are crapping themselves about the upcoming law suits and are no longer willing to give the nod to the pathetic nonsense that the bank's accountants are reporting.
3. inbreda said...
Yeah - why not? They could always try and cover up the minus sign with their thumb or something.
4. jack c said...
Now that JPM have come to the rescue perhaps we could see a re-brand to BLAIR STEARNS ?
5. Deadspider said...
Just like 1907 .
6. drewster said...
Wow good find! What a scandal. Maybe the whole thing was a con to try to cover up some real dirt that had been lurking in the report? How bad were their losses really, and consequently how bad are the losses in other banks?
Interestingly, Bear Stearns' former chief executive until 2006, James Cayne, owned 5% of the company. His personal wealth just dropped from $1,200m to $13m. Of all the people who you would expect to have inside knowledge of the risks, surely the ex-CEO would have escaped in time. (Source: Herald Sun (Australia): The Bear who lost $1 billion in a year)
7. little professor said...
Oh my - this is big stuff.
There were big rumours yesterday that the reason JP Morgan got a 93% discount on Friday's closing share value, as well as $30 billion of free Fed money, was that Bears forthcoming financial reports contained huge shocks. Now they are burying the news.
8. harold said...
"Um - Can I have a look at the balance sheet, please?"
No, because it would probably lead to criminal prosecution. What's the outcome of all this? More and more power in the hands of fewer and fewer bankers. Nice one.