A Wall Street Legend Bear, Stearns had not had an unprofitable quarter since the crash of 1929 until the credit crisis of 2007-2008 when in a matter of days it was gone.
And In A Matter Of Days Bear Stearns Was Gone…
“You just can’t make this stuff up…there has never been a more appropriate description for a situation like the one I lived through beginning on Monday, March 10, 2008. So appropriate did I find the phrase, in fact, that it was the last thing I said to the woman whose place on the Bear Stearns trading floor was directly across the table from mine on that fateful day. The day that, in my mind, became known as the ‘beginning of the end…’ ”
– Chapter One –
Bear, Stearns & Co., a storied Wall Street firm with a maverick reputation had endured many crises in its 85-year history. Nothing however could have prepared the firm for the sudden death spiral that would lead to its takeover for a pittance. In a dramatic showdown with JP Morgan and the Fed, this is the tragic story of how fortunes were made and lost. Anonymous, a senior executive at Bear Stearns, had a bird’s eye view of just what happened inside Bear’s offices and on the trading floor that led to the most sensational financial crisis of our times. He recounts in detail the chain of events that led to the death spiral–from Bear’s point-of-view and from the global financial marketplace. He details the securities manipulations that precipitated the credit crisis– those same securities in our IRAs and 401Ks. Anonymous reveals for the first time how foreign demand for U.S. capital played a role in the Bear’s massacre, and provides an insider’s view of the unprecedented actions taken by the Treasury and Federal Reserve to avoid a world-wide financial crisis.
The Fall of Bear SteArns and the panic of 2008
BY ANONYMOUS
WITH ANDREW SPENCER
An Insiders Viewpoint from the Front-line of the Most Sensational Financial Crisis of Our Times Bear-Trap The Fall of Bear Stearns and the Panic of 2008
Anonymous is a senior executive with responsibility for one of Bear Stearns & Co. major derivatives groups in New York. He has been a derivatives practitioner for nearly two decades leading the development of new financial products on two continents and in both developed and emerging markets. He helped create some of the world’s most innovative structured financial products and is a chartered financial analyst. He holds an MBA and BA degrees.
Andrew Spencer is Vice President of Communications and Director of the CMG Image Marketing and Literary divisions.
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