On March 5, 2008, at 10:15 A.M., a hedge fund manager in Florida
wrote a post on his investing advice Web site that included a
startling statement about Bear Stearns & Co., the nation’s
fifth-largest investment bank: “In my book, they are
This seemed a bold and risky statement. Bear Stearns was about to
announce profits of $115 million for the first quarter of 2008,
had $17.3 billion in cash on hand, and, as... more...