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March 15, 2008
Mr. Drysdale's curtains are on fire.
Not a good sign from an investment banker:
“This is a bridge to a more permanent solution and it will allow us to look at strategic alternatives that can run the gamut,” [Bear Stearns chief executive Alan D. Schwartz] said. “Investors will be able to see the facts instead of the fiction. We will look for any alternative that serves our customers as well as maximizes shareholder value.”
Run on Big Wall St. Bank Spurs Rescue Backed by U.S. (NY Times)
There's also smart analysis of this save-the-bankers, fuck-the-homeowners situation from Paul Krugman and on Left, Right and Center.
