Excellent analysis and a series of graphs that make the point
We been screwed again
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Proof of Insider Trading in Bear Stearns Collapsehttp://www.opednews.com/articles/Proof-of-Insider-Trading-i-by-Aleeka-News-080614-996.htmlA JANUARY 03 Former Chariman & CEO Alan "Ace" Greenberg exercises options to buy 150,000+ shares at $73.75 and he immediately sells all of those shares at the market price of $163.11. He realizes an immediate profit of $13 million.
B JUNE 22 Bear Stearns commits $3.2bn in secured loans to bail out one of its hedge funds. It says its troubles are 'relatively contained'.
C JULY 17 Bear Stearns reveals that one of its hedge funds has lost all of its value. Another worth 9 per cent of its value at the end of April.
D OCTOBER 22 Bears Stearns secures a share-swap deal with Citic, China's largest securities firm. Citic pays $1bn for about 6 per cent stake in Bear Stearns. The US bank agrees to eventually pay the same for about 2 per cent of Citic.
E NOVEMBER 1 Newspaper suggests that CEO Cayne was out of touch during the collapse of the two hedge funds. He dismisses the media concerns as "noise".
F DECEMBER 7 Joe Lewis, Bahamas-based billionaire, up his stake to 8 per cent, showing that he believes the Bear Stearns shares are undervalued.(He went on to realize a $1 Billion loss in Bear Stearns)
G DECEMBER 20 The bank reports its first-ever quarterly loss. The loss is nearly four times analysts' forecasts, and includes a $1.9bn writedown on its holdings of mortgage assets.
H DECEMBER 21 Company Insiders sell almost $50 million in stock. Insiders included CEO James Cayne (Who personally dumped $15 million of the stock), former CEO Alan Greenberg (Sold $8 million) and Future CEO Alan Schwartz ($6 million sold).