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Bear Stearns lied about its health |
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Written by Stumo
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Saturday, 15 March 2008 |
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Bear Stearns was bailed out by the Fed and JP Morgan yesterday. Because it was about to collapse.
Their
CEO said, two days prior, that the company's balance sheet and capital
positions were all strong. From West Palm Beach, Florida, Alan
Schwartz, told the world on CNBC that Bear Stearns had no
problems. All rumors.
"Some people could speculate that
Bear Stearns has problems. None of those speculations are true.
... I don't know where those rumors started. ... We put out a statement
that our liquidity and balance sheet are strong."
He lied. On teevee.
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This is the video for the October 2, 2008 press conference announcing the recipe for "Fixing America's Economy."
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