He says, rumors did us in at Bear, Stearns.
Uh, yeah, about that.
From the outside, it kinda looks like they were paying $30,000 for a freshman liquidity manager. (Brokerages aren't known for paying up for what they consider "overhead"... that's before you consider whether they took what they had seriously.)
A quick scan shows nearly $300 billion on the balance sheet in assets. Just what was "the plan" for a "run", which could happen, of course, at the least expected time? $1 billion dollars a day? Seriously?
Thursday, April 3, 2008
"CEO" Schwartz - It's not our fault!
