The final installment of the Wall Street Journal's three part series on the fall of Bear Sterns is on the front page of today's paper. All three parts are online here:
Part One: Missed Opportunities As the firm's fortunes spiraled downward, executives squabbled over raising capital and cutting its inventory of mortgages.Part Two: Run on the Bank Executives believed they were about to turn a corner, but rumors and fear sent clients, trading partners and lenders fleeing.Today: Deal or No Deal? The Fed pressured Bear Stearns to sell itself, but a misstep in the hastily drawn agreement nearly scuttled the deal.
It's fascinating and reads like a movie script – in fact, it's likely to be the basis for one, plus at least half a dozen books. So, who do you think plays Cayne in the movie? Dimon? Is there a role for George Clooney in his corporate attire a la Michael Clayton?