We judged that a sudden disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy with lower equity prices further downward pressure on home values and less access to credit for companies and households.

Random Quote

I don't think there's any way it could have failed. We don't know failure in this band. We didn't know failure. We got to know it a little after awhile but at that time there was no such word.