It's described as a modern day run on a bank. In the days leading up to the fire sale of investment bank firm Bear Stearns, the company was the topic of rumors, speculation and fear that led the venerable Wall Street firm to the brink of ruin. Bear Stearns CEO Alan Schwartz, testified about those uncertain days before the Senate Banking Committee. SOUNDBITE: Bear Stearns CEO Alan Schwartz, saying (English): "Due to the stressed conditions of the credit markets as a whole and the unprecedented speed with which rumors and speculation travel and echo through the modern financial media environment, the rumor and speculation ultimately became a self fulfilling prophesy. Because of the rumors and conjecture, customers, counterparts and lenders began exercising caution their dealings with us and during the later part of the week refused to do business with Bear Stearns." Schwartz said that left few options. SOUNDBITE: Bear Stearns CEO Alan Schwartz, saying (English):...
SAN-EPISODE # 2841 DATED 03 DECEMBER 2008 WELCOME TO SOUTH ASIA NEWS LINE. I AM RANGABASHIAM WITH THE DAY'S NEWS….. THE TOP STORIES … HEADLINES IN INDIA, CONDOLEEZA RICE URGES...
The European Parliament and the European Council were thrashing out the last remaining problems of their climate change package in Brussels on Thursday (December 4) ahead of next week's summit...
International donors have pledged $900 million in aid to Cambodia for 2009, a hefty increase on the $600 million that has been offered in the past, a senior finance ministry official said on...
A tense calm returned to the West Bank city of Hebron on Thursday morning (December 4) as the Israeli defence minister vowed to evict Jewish settlers from a disputed building in the flashpoint...
Russia faced increased diplomatic isolation over its military action against Georgia on Thursday (August 28), as Russia and Georgia traded harsh words during an open United Nations Security Council...
SAN-EPISODE # 2840 DATED 02 DECEMBER 2008 WELCOME TO SOUTH ASIA NEWS LINE. I AM ARJUN CHAUDHARI WITH THE DAY’S NEWS….. THE TOP STORIES … HEADLINES INDIA NOT CONSIDERING MILITARY...
The international community should impose more sanctions on Iran an Israeli spokesman said on Wednesday (September 24) after Israel called the Iranian president's speech to the United Nations...
In the Chamber of the Golden Throne, a 28-year-old with an Oxford education assumed the Raven Crown of Bhutan on Thursday (November 06), to guide the world's newest democracy as it emerges...
Representatives from more than 90 countries and international organizations pledged $7.4 billion over the next three years to help revive the Palestinian economy. At the Paris conference on...
World leaders on Wednesday (November 5) congratulated President-elect Barack Obama on his historic win in the U.S. elections, and welcomed a change in foreign policy approach that Obama campaigned...
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