Reply #71: "Don't Blame Me."

[formercia]

http://finance.yahoo.com/tech-ticker/article/9994/Bear-CEO-Don't-Blame-Me?
Bear CEO: Don't Blame Me
Posted Apr 04, 2008 11:31am EDT by Aaron Task
Related: BSC, JPM, LEH, GS

Thursday's Senate hearing on the Bear Stearns bailout included a lot of obligatory testimony and political grandstanding, which was predictable. Missing from the dog and pony show, however: Any sense of accountability from Bear CEO Alan Schwartz.

--snip--

Meanwhile, NY Fed president Timothy Geithner did address one of the lingering mysteries of the Bear saga: Why didn't the Fed open up the discount window for Bear Stearns, which Schwartz said could have prevented Bears' demise?

"We only allow sound institutions to borrow against collateral," Geithner said. "I would have been very uncomfortable lending to Bear given what we knew at that time."