It’s been a year since the fall of Bear Stearns hit Asia like a storm out of nowhere the Monday morning of March 17th 2008. Once the fifth largest investment bank in the U.S., Bear Stearns now goes down in history as one of the biggest financial casualties of the 2008 sub-prime mortgage crisis.
But perhaps the most memorable thing about the demise of Bear Stearns is how swiftly the bank fell.
The week before going under, Bear Stearns was proclaiming its robust health, insisting there were no problems and that there was virtually zero probability of failure. Company executives told CNBC and other media outlets that they were a healthy institution. So healthy, in fact, they were out raising money based on this very premise.