What do Bear Stearns and Enron have in common?
The Services Safari Blog posted this yesterday:
Calling all Lawyers... The Bear Stearns Collapse
The following is an excerpt:
Shareholder litigants are going to be talking about this one tonight and tomorrow. Let's recap the fall of Bear Stearns stock price and market value the last year:Stock price last year: $159/share - market cap: $18.76 billion
Stock price last week: $69.75/share - market cap: $8.23 billion
Stock price Friday: $30/share - market cap: $4.04 billion
Acquisition price Sunday: $2/share - market cap: $236 million
The post ends with:
Are criminal indictments in the future?
Punchline: this trumps my wildest speculation about how erratic the economy may become. Managing Partners: Are the appropriate practice group and industry teams watching all economic indicators (formal and informal) and reporting to you frequently (a la #4 in my January 24 post: Recession-Proof your Law Firm).
We have definitely not seen the end of this fiasco. I agree that there will be lawsuits and a federal investigation in the near future, as things become more clear as to what exactly happened at Bear Stearns in the past 6-12 months.