Saturday, May 31, 2008

At Bear, an Apology Is Met With Silence -

At Bear, an Apology Is Met With Silence -
"The tally in support of the merger was 84 percent, Bear Stearns said....Inside the building, however, the mood was somber, if not tearful...The new entity will be much leaner....bout 7,500 Bear Stearns bankers have lost their jobs, along with as many as 3,500 employees of JPMorgan.

and later:

"I have no anger, only regret,” Mr. Cayne said...."I personally apologize. I feel an enormous amount of pain and management feels an enormous amount of pain.”

The audience of Bear employees, directors and investors, many of whom Mr. Cayne has known for years and who lost large parts of their savings and fortunes, received his remarks in dead silence."


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