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Bear Sterns Was Victim Of Short-Sellers, Magazine Says

The collapse of Bear Sterns was caused by short sellers, "the vultures of Wall Street," according to this month's issue of Vanity Fair. "More than a few veteran Wall Streeters" told the American magazine that they believe an investigation by

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The collapse of Bear Sterns was caused by short-sellers, “the vultures of Wall Street,” according to this month’s issue of Vanity Fair.

“More than a few veteran Wall Streeters” told the American magazine that they believe an investigation by the Securities and Exchange Commission will show “evidence that Bear was the victim of … a malicious attack brought by so-called short-sellers, the vultures of Wall Street.”

Rumors, the article says, are what drove the firm’s collapse, not a liquidity problem.

The entire article is available on Vanity Fair’s website at http://www.vanityfair.com/politics/features/2008/08/bear_stearns200808.

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