HOUSE OF CARDS: A TALE OF HUBRIS AND WRETCHED EXCESS ON WALL STREET
by COHAN, WILLIAM D.
List Price: HK$ 266.00
ˇ@ISBN
9780385528269
ˇ@Subject
BUSINESS & FINANCE
ˇ@Publisher
DOUBLEDAY USA
ˇ@Publication
2009
ˇ@Edition
Hardcover
ˇ@Version
Original
ˇ@Description
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 nationˇ¦s fifth-largest investment bank: ˇ§In my book, they are insolvent.ˇ¨ 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 the company incessantly boasted, had been a colossally profitable enterprise in the eighty-five years since its founding. Ten days later, Bear Stearns no longer existed, and the calamitous financial meltdown of 2008 had begun. How this happened ˇV and why ˇV is the subject of William D. Cohanˇ¦s superb and shocking narrative that chronicles the fall of Bear Stearns and the end of the Second Gilded Age on Wall Street.
