Bear Stearns' former CEO defends practices, blames 'market forces' for collapse
Wednesday, May 5, 2010 - 11:03
in Mathematics & Economics
Other Bear Stearns executives also contend during a federal hearing that they closely monitored the firm's risk and tried to reduce exposure but that ultimately a rumor-fed run caused the downfall. Former executives at Bear Stearns Cos. on Wednesday defended the investment bank's practices and said the firm's collapse was caused by an unstoppable run fed by rumors as the financial markets began...