Don't move your money from Bear

Tuesday, 25 May 2010 |

Peter Lindmark

Printer-friendly versionSend to friendPDF versionAs we live in an oligopoly situation of opinions by the few but powerful houses of CNBC, Bloomberg and the likes, I think it is essential to review the near-history of events that we can still remember like it was yesterday. Although we definitely know there is a before and after Lehman, fear and comfort expressed by media is still relayed from the media oligopolists to the broader crowd and decision-makers. Let's have a look at the precursor of Lehman: Bear Stearns. Just 6 days before the bailout, Jim Cramer (ex Goldman Sachs by the way!) said "Bear Stearns is fine! Bear Stearns is not in trouble! Don't move your money from Bear! That's just silly! Don't be silly!" to investors while Bear Stearns was still trading at over $60 a ahare, down from a high of $171 just over a year ago. This just 5 days before Bear Stearns sold to JP Morgan for $2 a share, in a Fed brokered bailout. Anyone thinking of the newly minted "Wolfpack behaviour" speech by Anders Borg, the Swedish Finance Minister?

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