A little over one year ago today; on January 1, 2007 Bear Stearns was trading at $169 per share. Wall Street knew the investment banking firm was in trouble. The FED Chairman recommended that all banks and investment banks come clean on their losses, as banks like CitiGroup were spreading the bad news and write downs over more than a couple of quarters. Without all the bad news out, the FED could not lower rates to prevent a hard fall into recession rather than a hop, skip and jump back into positive territory and positive news to bolster consumer confidence.
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[Source: Finance: Bankruptcy Lawyers Articles from EzineArticles.com - Posted by FreeAutoBlogger]
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