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Raise Your Hand If You're 100 Percent Pleased With Your Bear Experience

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Did Bear trick a bunch of Chinese guys into thinking shares of BSC were worth something? I don't know, I'm not a doctor. But it wouldn't be the first time (talkin' about Citic here). H. Roger Wang, a billionaire who operates high-end retail stores in China, claims that he and his wife were "duped" into buying 150,000 shares of the company right before it collapsed, and that on March 18, Bear illegally liquidated the account holding the stock when the Wangs wouldn't send in unpaid balances on their orders. A lawsuit filed in L.A. yesterday says the couple paid $6.56 million with prices ranging from $33.44 and $71.96 a share. The liquidation value of the stock was said to be $947,324, which has got to hurt. The Wangs allege that their broker told them on March 11 that Bear was "financially sound, that its stock value should be at least $85 per share, and that now was a great time to invest in the stock." You know, basically what Alan Schwartz said on CNBC a couple days later. Anyway, the take away here is that we should all agree anyone who's ever come in contact with Bear got fucked, it's just a question of how hard.
Beverly Hills billionaire alleges Bear Stearns duped him [LA Times]


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