Daily Archives: March 14, 2008

John Gapper

On the Bear Stearns conference call this afternoon about its rescue by JP Morgan Chase and the Federal Reserve, Alan Schwartz, chief executive of the troubled investment bank, argued that its funding problems were due to outsiders not having distinguished between “fact and fiction”.

He seemed to mean that, if investors and lenders had paid attention to Bear’s assurance earlier this week that it did not have liquidity problems, then it would not have had liquidity problems. Read more