Sunday, March 16, 2008


Wall Street has a million stories. The venerable firm is toast.

And the S&P 500 is at levels it traded at in 1999 and in 2001.

Like the 10,000 great people at Drexel Burnham Lambert to have been taken down by just a few at the top, this Bear Stearns debacle defies any kind of common sense.

It wasn't the regulators here who stepped in like at Drexel, this was sheer lack of the proper risk control by a firm that prided itself on risk control.

Another 85-year old Wall Street firm bites itself into a distant memory.

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