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
should i be worried about bear stearns in terms of liquidity and get my money out of there? no, no, no. bear stearns is fine. do not take your money out. our liquidity position has not changed at all. our balance sheet has not weaken and at all. if you have to prove that you have credit, you don t have any. if you have to prove that these assets are worth what you say they are, they re not. that dawning fear that all these mortgages might not be strong and reliable suddenly had everybody secondguessing. for weeks, there had been whispers of trouble at bear stear stearns. by today s opening bell, it was a full-blown alarm. this morning schwartz said that the firm s cash position had deteriorated sharply over the past day. the rumor became the reality. all the rumors got way too ahead of even the people s ability to manage it, and that s really the story. who could possibly imagine that bear stearns after 85 years