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We're so proud of Bess Levin. Not only did she make it to New York Magazine, but she went over 1,000 words and none of them was dirty. (Though tuchis is a bit edgy.) Here's a small sample:

March 10–13, 2008: Amid rumors that Bear is teetering and has liquidity problems — and the small matter of $46 billion in mortgages and other questionable "assets" on its books — new CEO Schwartz goes on the public-relations offensive, appearing on CNBC on Monday (via live feed from the Breakers Resort at Palm Beach). "We don't see any pressure on our liquidity, let alone a liquidity crisis," he says. As if to prove it, ex-CEO Cayne closes on a $28 million pad at the Plaza. But to little avail: The perception of trouble quickly becomes a reality as hedge funds and other financial parties engaged with the firm take their money and get out. Enough people decide, all at the same time, that they don't want to be within 200 feet of Bear, and by the evening of Thursday, March 13, Bear finds itself, unquestionably, in the midst of a liquidity crisis. It was kind of like the "run on the bank" at the Bailey Brothers Savings and Loan in It's a Wonderful Life, only no one was wearing fedoras.

Posted by edelfenbein at March 18, 2008 7:22 PM