feeling their pain. this is the biggest point drop that has ever been seen. we are in the midst of a serious financial crisis and the federal government is responding with decisive action. these guys have been gambling with the house money for years and it s our job to bail them out? the largest swindle in wall street history, and alleged 50 if you million dollar ponzi scheme by bernard madoff. you belong in jail, you criminal! the pardon is over. if there was any company that could make energy cool, it was enron. the texas energy broker treated electricity like any other commodity. it buys and sells billions of dollars worth of energy, every day. it s the largest company of its kind in the world. enron is a company that deals with everyone with absolute integrity. we play by all the rules and stand by our work. we mean what we say . ken lay was the original ceo, he ran enron when the company was created out of the merger of two pipeline companies. he seem
Had everybody second-guessing. for weeks there have been whispers of trouble at bear stearns, by today s opening bell it was a full-blown alarm. this morning schwartz said the firm s cash position had deteriorated sharply over the past day. the rumor became the reality. who could possibly imagine bear stearns after 85 years of profitability never having a losing quarter would have a losing quarter in the fourth quarter of 2007 and be out of business 2.5 months later. the fact that a wall street firm could lose 90% of its value in one weekend has some convinced the market in the economy have further to fall. he met most of the country was looking at this as one investment firm that maybe you have heard of or not, is teetering, it s a very different story in washington. investment bank collapse, one as big as bear stearns, is what wall street experts would have called an economic nightmare scenario. is the good news, it s been
Losing quarter would have a losing quarter in the fourth quarter of 2007 and be out of business two and a half months later in a week. the fact that a wall street firm could lose 90% of its value in one weekend has some convinced the markets and the economy have farther to fall. while most of the country was looking at this as one investment firm that maybe you have heard of, maybe you haven t is teetering, it s a different story in washington. an investment bank collapse, one as big as bear stearns is what wall street experts would have called an economic nightmare scenario. here s the good news. it s been averted. bear stearns has been bailed out by the government and now they have been bought out by a competitor. the federal government had never stepped in before in the history of our republic to save an investment bank. but the fed decided to change that in bear stearn s case because they decided it wasn t just because they were too big to fail, it was too