The Death of a Bear (and Brand)

The sale of Bear Stearns for $2 per share to JPMorgan Chase is another example of greed run amok. Bear’s exposure to subprime investments spelled its doom.

The interesting question is whether this most recent collapse irreparably damages the Wall St. brand. London, fueled by its every powerful British Pound, is increasingly being seen as the new global financial capital. And the Middle East is soaring from its oil profits.

While I believe that New York still has a big role to play in the global financial markets, its days as THE leader have passed. Too bad. Greedy, short-sighted executives have driven their companies off a cliff with poor (or non existent) risk management controls. And these decisions have not only killed their companies, but damaged the Wall St. – and US – brand.