By Brett Sherman, The Sherman Law Firm
Part 4 of the series is in final edits... In case you want to catch up, you can read Part 1 of our series on bear stearns' securities fraud here; Part 2 of Wall Street Law Blog's securities fraud at Bear Stearns part 2, here)
The official story from the powers that (used to) be at Bear Stearns is that almost nobody called the housing bubble until it was too late. The FCIC rightly rejected this nonsense, and so should you.
The following excerpts are from a May 2005 report by a team of analysts led by Francois Trahan. Mr. Trahan was Institutional Investor's Number 1 Ranked Strategist in 2005. And he was similarly honored in 2006. Which company employed Francois Trahan as Chief Strategist in 2005 and 2006? Which company published the report excerpted below? Yep. You're right. BEAR STEARNS.
The report, published about 3 years before Bear Stearns collapsed, says it all -
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And, in case you wonder whether this is the only warning sounded by Francois Trahan and his team at Bear Stearns, Wall Street Law Blog is happy to tell you that the answer is - Nope. At least 2 more reports followed in 2006, and with each report the warnings grew ever louder. (Click here to see excerpts from 2006 Bear Stearns report)
To remind readers why we still focus our attention on Bear Stearns, we gladly restate the reason - Because the biggest and most devastating financial fraud in history is, right now, the most successful financial fraud in history.
A Harvard University study reports that Bear Stearns' top 5 officers took home more than $1.4 BILLION in CASH from 2000 through 2008.
Most of the thousands of other Bear Stearns shareholders were not quite as fortunate as Jimmy Cayne and his top lieutenants (you may have heard something about this).
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