The Party is over?

What a day! All of a sudden, people on the office floor changed. Everyone was nice to one another. Even those who had mostly maintained professionally stern faces started to greet people. We all knew that, for good or bad, our professional careers with this formerly Wall Street powerhouse will soon be over. Through out my career, I have never seen so many emails from top management delivered to my email inbox in a short span of a couple of hours. Multiple townhall meetings in a day? Never heard of. Today - Saturday, March 14, 2008 – will be remembered as a milestone. I know my job and my personal finance will inevitably be impacted but I am not bitter. I have not done anything to cause this and there was nothing I could have done to make a difference. I am amazed that what happens to a company with barely 14 thousand employees could have such a huge impact on the US economy. For today, I happend to be in the very center of a national financial storm. President Push happens to be in town today giving a speech at the New York economic club. I bet he was made aware of name of this Wall Street company.




Here is a 5-DAY re-cap of events surrounding Bear Stearns:
MONDAY
Bear Stearns DENIES Rumors on Liquidity After Shares Plummet (Bloomberg)
TUESDAY
Bear Stearns Falls For 2nd Day on Cash Concerns (Bloomberg)
WEDNESDAY
Bear Stearn's CEO Schwartz Says Cash Cushion is Ample (Bloomberg)
THURSDAY
Bear Stearn's Falls To 5-Year Low on Capital Concern (Bloomberg)
FRIDAY
Bear Stearns Gets EMERGENCY FUNDING From JPMorgan & Fed (Bloomberg)