Bear Stearns Abandons Ship!

"I am honored to have the opportunity to lead one of Wall Street's great franchises," said Alan D. Schwartz, the new chief executive of The Bear Stearns Companies (BSC-$30.00) on January 8, 2008. "Bear Stearns has a bright future. Our franchise is rock solid thanks to Jimmy [Cayne's] leadership; investors, customers and employees should not expect any abrupt changes in the period ahead. We have a strong capital position, a unique culture and great talent throughout the organization. Although the operating environment has been difficult, we are off to a good start in 2008."

You read the paper, watch the news
and you think you're well informed
Well I got some news for you my friend

This afternoon, J.P. Morgan Chase said it was buying Bear Stearns for a mere $2 a share!

That headline that you read
the story that broke
it was a scandal - yeah a scam
political masterstroke
Tell you what they you want you to hear
close your eyes and open your ears ~ The Waifs ("Lies"/ Sink or Swim)

The only solace for investors lies in knowing that major Bear shareholders—including Chairman Cayne and chief executive Schwartz lost a bundle, too.

Let the securities class action games—claims—continue…

Editor David J. Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.