James Cayne, former head of Bear Stearns, said the company's collapse was because of market forces and a loss of confidence in the bank, according to his prepared testimony to be given before the Financial Crisis Inquiry Commission. "The market's loss of confidence, even though it was unjustified and irrational, became a self-fulfilling prophecy," Cayne said in the testimony, according to a source. Alan Schwartz, Cayne's successor at Bear Stearns, and former President Warren J. Spector also are set to testify.
Wednesday, May 5, 2010
Ex-CEO Cayne blames market for Bear Stearns' demise
James Cayne, former head of Bear Stearns, said the company's collapse was because of market forces and a loss of confidence in the bank, according to his prepared testimony to be given before the Financial Crisis Inquiry Commission. "The market's loss of confidence, even though it was unjustified and irrational, became a self-fulfilling prophecy," Cayne said in the testimony, according to a source. Alan Schwartz, Cayne's successor at Bear Stearns, and former President Warren J. Spector also are set to testify.
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