When it comes to assigning blame for his firm's collapse, Alan Schwartz, the president and CEO of Bear Stearns, borrows a page from Countrywide CEO Angelo Mozilo:
Blame the media.
While Bear Stearns was "adequately capitalized and had a substantial liquidity cushion," the firm imploded due to the weak credit market and "the unprecedented speed at which rumors and speculation travel and echo through the modern financial media environment, the rumors and speculation became a self-fulfilling prophecy," writes Schwarz in his prepared testimony for today's Congressional hearing.
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