Last week the word was put out about the state of a major bank with the intention of impacting its share price. Yet one week on there has been no announcement of any investigation into improper conduct by those spreading the rumours.
The bank I'm referring to isn't HBOS or Anglo-Irish Bank, it is Bear Stearns. Bear Stearns was telling everyone who would listen that it was fine, just dandy, nothing at all to see here and there was no reason for anyone to worry their silly little heads about when it came to its ability to continue to do business in the future. Yet in the matter of a few days, it has been subsumed in JP Morgan Chase. So I guess the lesson is when the institution itself tells fibs that's ok, if someone else does it that is wrong.