03 April 2008

When people can't accept responsibility...

...you get fun stuff like Bear May Have Survived If Fed Acted Earlier, CEO Says. Not saying the death of an investment bank isn't a complex issue exacerbated by lots and lots of unknowable details, but it'd be nice to hear a "Man, did I screw up" from the CEO whose entire company went kaput in record time.

Money quote:

"Schwartz said the Fed's rescue effort on March 14 didn't help, partly because it singled out the firm in trouble, which exacerbated the panic about Bear Stearns."
"We were obviously holding our own until the Fed spilled the blood that drew the sharks."

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