The critical moment the boss how to play bridge collapse of Bear Stearns?.

<P> Grim day, when the attack is strong. .This is about survival when a desire to succeed. .If the situation is grim, when they went to Detroit to play the strong bridge, it would be justified. .</ P> <P> However, the investment bank Bear Stearns (Bear Stearns) into a solvency crisis, when Jimmy • Kane (Jimmy Cayne) the chairman has chosen to go to Detroit to participate in the previous weekend, a bridge .League. .When he returned to New York to personally intervene in the business, the Wall Street colleagues have stopped other assistance, and the Fed (Federal Reserve) has also been forced to pass through JP Morgan Chase (JPMorgan Chase) to provide emergency funding to Bear Stearns. .</ P> <P> It http://finance. Hearing, when the $ 2 per share JP Morgan Chase to buy Bear Stearns, and a lot of digestion of wealth out of Kane, the most recent culmination of the crisis .. .During the year, Bear Stearns executives have been casually trying to dispel investors and other banking concerns in its business, and Kane's response was this year marked a suitable period. .The end result is the disgrace, and Bear Stearns 14,000 employees suffer. .</ P> <P> It is easy to be misled that Bear Stearns is a victim of the current environment. .From this point of view, one of the largest Wall Street investment bank without knowing the number of years into the worst of a financial turmoil, and suffered in the bond repo market, hedge funds and banks hit hard by capital flight. .As in the previous Northern Rock (Northern Rock), as was originally an absolute solvency of the business, but the annexation was not a credit crisis. .</ P> <P> Bear Stearns is a former board member Stephen • Rafael (Stephen Raphael) summary. .Kane went to bridge game trip thing, is he this time, "Wall Street Journal" (The Wall Street Journal) the disclosure of the conversation. .Raphael said: "Wall Street really is built upon the premise of greed. Any company could happen." </ P> <P> to some extent the case. .The fact is that other Wall Street firms have sought to avoid the fate of Bear Stearns. .At least for now. .Lehman Brothers (Lehman Brothers) shares plunged last week, a time, because people think that the next turn it on. .But it is the management of assets and liabilities to be slightly better, its active efforts are more effective. .</ P> <P> in January to make way for the CEO position 阿兰施瓦茨 (Alan Schwartz) before, Kane has been bothered to communicate with the outside world. .August, his telephone discussions with the shareholders of the bank collapse of two hedge fund problems, but early exit, and even then did not show up on other occasions. .</ P> <P> 74-year-old Kane is not the only people who play bridge. .In August he dismissed former co-president and head of securities Adams Warren • Do not Cut (Warren Spector) is also in July to participate in a bridge game. .At that time, the company's two hedge funds are going bankrupt. .Chairman of Board of Management and former chief executive officer, 80-year-old Alan • Greenberg (Alan Greenberg) is also keen to bridge. .</ P> <P> popular card game is a greater source of chaos Bear Stearns sign. .The source of chaos, that is, within the bank's vision and wayward culture. .Bear Stearns as a bond trading company and the business started, it does not matter how others see themselves. .In 1998, the Fed tried to save the hedge fund Long Term Capital Management (Long-Term Capital Management) and make it from bankruptcy, while Kane has decided to avoid intervention, this self-willed to the extreme at the time. .(Looking back it, really a bit ironic.) </ P> <P>.