Via the New York Times, Bear Stearns CEO Alan Schwartz:
Mr. Alan D. Schwartz, Bear’s chief executive, looking pale, summed it up. “We here are a collective victim of violence,” he said, his voice cracking. “It’s natural to be angry, and you’re not sure who to be angry at. But we have to put it behind us.”
Unnamed Bear Stearns executive:
“In this room are people who have built this firm and lost a lot, our fortunes,” one Bear executive said to Mr. Dimon with anger in his voice. “What will you do to make us whole?”
The packed room of senior managing directors applauded.
Mr. Dimon responded gingerly. “You’re acting like it’s our fault, and it’s not. If you stay we will make you happy.”
But the Bear employee was not satisfied. “I think it’s galling you come into our house and you call this a ‘merger,’ ” the Bear executive went on.
This time, Mr. Dimon was silent.
JP Morgan CEO James Dimon:
“I don’t think Bear did anything to deserve this,” Mr. Dimon said. “Our hearts go out to you.”
“No one on Wall Street could have anticipated this,” he continued. “I feel terrible sometimes when people think we took advantage. I don’t think we could possibly know what you all are feeling, but I hope that you give JPMorgan a chance.”
ridiculous
threw up in my mouth.