Spectacular subprime fiascos

Some Wall Street titans fiddled while Rome burned -- while others denied there was any sort of catastrophe was afoot.

 Bear Stearns analysts
Bear Stearns analysts
We'll say this for Mr. Cayne: He clearly shares his primo stuff with the research department.
In March, shortly after No. 2 U.S. subprime lender New Century Financial announces a major earnings restatement as a result of failing loans, Bear Stearns analysts Scott Coren and Michael Nannizzi write a research note on New Century. They argue that despite New Century's stock having plunged 50%, to $15 per share, its downside risk is no worse than $10 in a "rescue-sale scenario." Within a month, New Century drops below $1 a share, is suspended by the NYSE, and files for Chapter 11 bankruptcy protection.
Last updated December 19 2007: 10:18 AM ET

Merrill Lynch

Stanley O'Neal

CIBC analyst Meredith Whitney

Century 21

James Cayne

Bear Stearns analysts

Chuck Prince

D.R. Horton
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