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This Bear market
The Bear rumours are back. As in Bear Stearns - stock down 12 per cent in New York on Thursday, while the five year CDS has gapped 120bp to 700bp. All sorts of uncorroborated rumours are flying.
Traders clearly don’t buy the bank’s repeated denials of liquidity problems. On Monday, Bear insisted:
The Bear Stearns Companies Inc. today denied market rumors regarding the firm’s liquidity. The company stated that there is absolutely no truth to the rumors of liquidity problems that circulated today in the market.
Alan Schwartz, President and CEO of The Bear Stearns Companies Inc., said, “Bear Stearns’ balance sheet, liquidity and capital remain strong.”
Related links:
FT.com: Economy and credit fears add to Wall St gloom
Marketwatch: Fed action may have targeted Bear Stearns - analyst
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[…] This Bear market […]
[…] Looks like Bear Stearns will pip all-comers to the post in the race to be the first to go bust! FT Alphaville » Blog Archive » This Bear market This Bear market The Bear rumours are back. As in Bear Stearns - stock down 12 per cent in New York on Thursday, while the five year CDS has gapped 120bp to 700bp. All sorts of uncorroborated rumours are flying. __________________ Another escapee from the mad muppets of TV… […]
S&P claims end to writedowns is in sight.
yeah right.