End of an era: Bear Stearns passes away

May 29, 2008 | By Jim Kim

What can you say in Bear Stearns' obituary that hasn't already been said before. This three-part Wall Street Journal article pretty much said it all as far as a lot of people are concerned. There were deals that could have been struck--perhaps one with Kohlberg Kravis Roberts--and opportunities to keep the firm alive. But in the end, Bear Stearns bit the dust hard. The end was anti-climactic. Jimmy Cayne, of all people, presided over a short meeting with Alan Schwartz at his side, according to the New York Times. He was man enough to apologize. "The audience of employees, directors and investors, many of whom he has known for over 30 years and who lost large parts of their savings and fortunes, received his remarks in a dead silence," the Times notes.

For more:
- here's the New York Times article