TheStreet.com's Jim Cramer says denying liquidity concerns isn't enough. Bear needs mimic Lehman's Fuld and step in as a buyer to stem the talk.Guess it was only a matter of time before we started hearing about the liquidity problems.
Typical that they start with Bear (NYSE: BSC) (Cramer's Take), it being like the homebuilder who tipped it all off, the first broker that was crushed by a mortgage bet.
Of course the denials come quickly. It's a terrible thing to even have to deny. So much better to keep your mouth shut. But when your stock is being raided down precipitously and your book value of $84 can't be real because what the heck is your stock doing in the $70s, then there's no protection either.
In 1998 it happened to Lehman (NYSE: LEH) (Cramer's Take), and Lehman didn't bottom until Dick Fuld called everyone and his brother not with denials but with bids, as in $31 bid for 1 million Lehman.
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