Cayne blames market forces for 2008 collapse of Bear Stearns

James “Jimmy” Cayne, the former chairman and CEO of Bear Stearns, blamed market forces and loss of confidence in his firm for its collapse in 2008. “The market’s loss of confidence, even though it was unjustified and irrational, became a self-fulfilling prophecy,” Cayne said in written testimony to be presented today to the Financial Crisis Inquiry Commission in Washington. “The efforts we made to strengthen the firm were reasonable and prudent, although in hindsight they proved inadequate.” The FCIC is mandated by Congress to produce a report by the end of the year on the causes of the crisis.

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