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Should Bear Stearns' CFO Not Have Told Investors Liquidity Was Rock Solid When Internally Telling Colleagues The Company Was As Dry As The God Damn Sahara?

It's almost as though "liquidity is very strong" and "we need more liquidity ASAP" aren't totally synonymous.
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Judge Robert Sweet has rule that was pretty uncool of Sam Molinaro. Not like Jimmy Cayne hogging all the Funyons after huffing on the contents of a bag of oregano in his office uncool, but uncool in its own way.

A federal judge sharply criticized statements and actions by former executives of Bear Stearns Cos in the final days of the investment bank, saying important information was “withheld from the public” and allowing a shareholder lawsuit to move forward..In the ruling, Sweet said the plaintiff, investor Bruce S. Sherman, produced “evidence from inside Bear demonstrating an active attempt to hide facts” that undermined statements executives made at the time about the firm’s financial strength. The judge cited an e-mail submitted earlier in the case in which then-finance chief Sam Molinaro wrote of needing to “create more liquidity asap” on the same day he told investors the company’s liquidity and capital was “very strong.”

Bear Stearns Withheld Details on Financial Condition, Judge Says [Bloomberg]


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