Investors Flee Bear Stearns (BSC) As Liquidity Rumors Swirl
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Shares of investment bank Bear Stearns (NYSE: BSC) are down 9% mid-day as liquidity rumors had investors fleeing.
With news of more massive write-downs and talk that hedge funds are pulling back due to their own troubles, traders are looking at a possible liquidity crunch at one of the big i-banks - with some suggesting Bear Stearns is the most vulnerable.
In response to the rumors and stock sell-off, Bear Stearns Director, and former CEO, Ace Greenberg, told CNBC the rumors are "ridiculous".
With news of more massive write-downs and talk that hedge funds are pulling back due to their own troubles, traders are looking at a possible liquidity crunch at one of the big i-banks - with some suggesting Bear Stearns is the most vulnerable.
In response to the rumors and stock sell-off, Bear Stearns Director, and former CEO, Ace Greenberg, told CNBC the rumors are "ridiculous".
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