I wonder who made money on puts on Bear Stearns stock? Was this a highly profitable economic hit?
SEC: Bear Stearns’s Liquidity Eroded Rapidly Since Tuesday
By Judith Burns – Dow Jones Newswires (14 Mar 2008)
Did Goldman Sachs and Lehman have a position in Bear Stearn puts?
Goldman Sachs Beats 1Q Expectations
By Joel Bel Bruno – Associated Press (18 Mar 2008)Goldman, Lehman Profits Beat Forecasts, Shares Rise
By Jonathan Stempel – Reuters (18 Mar 2008)
Is this the old story? One must die so the others might live? And who will explain that to the teachers and other pensioners who took the bath? Or do they feel they will make it back on their JP Morgan stock and mortgage portfolios?
For more on what the Bear Stearns deal means to you and what you can do about it, listen to Catherine’s interview with Dennis Bernstein on March 17th on Flashpoints.