A senior managing director at Bear Stearns derivatives trading desk has reportedly anonymously authored a book about the bank's demise. The book, called "Bear Trap: The Fall of Bear Stearns and the Panic of 2008,″ was obtained by Fox Business anchor Liz Claman. It tells the story of Bear's demise from the inside, and insists that Treasury Secretary Hank Paulson may have born a grudge against Bear Stearns stemming back from Bear's refusal to playball when Wall Street organized to bail-out Long Term Capital Management. And, of course, it all turns out to have been a plot hatched by Goldman Sachs, which Paulson ran before going to the Treasury department.
It's 350 pages of the minute-by-minute account of those heart-gripping, mind-blowing days in March when suddenly all confidence that was left in the nation's 5th largest brokerage ran for the exits. "Anonymous" makes the case that leaked emails out of Goldman Sachs gave enough people enough information to start heavily shorting the stock to make major money off Bear's demise. Keep in mind that, at the time, Bear was said to still have $17 Billion dollars in cash on the books but the authors say as soon as someone at Goldman pressed "send to all recipients" on one particular email that indicated it would no longer serve as a go-between for investors and Bear, Bear didn't stand a chance.
The book's publisher, an outfit we've never heard of called BrickTower, says it'll reveal the identity of the anonymous on or around September 22nd, when the book will be officially released. (Galley copies for reviewers are said to be circulating today, and you can pre-order the book on Amazon.) But why should we wait until September. It's a summer Friday. Let's start guessing now.
Video of Claman after the jump.
Tell-All Book By 'Anonymous' Places Blame for Killing of 'the Bear' [Fox Biz]