Another in an occasional series in which Wall Street Law Blog posts excerpts from primary source documents that flat out contradict Wall Street's revisionist history of the financial crisis...
Top executives at Bear Stearns - as we like to point out - have repeatedly insisted (including in sworn testimony) that they did not have any inkling that there might be a massive national housing bubble.
The truth, however, (as we also like to point out) is that Bear Stearns knew there was a really big housing bubble, and that the end of the housing bubble era would not be pretty.
Our excerpts today are from a September 13, 2006 Bear Stearns research report.
Any questions?
Brett Sherman, Wall Street Law Blog
