CNBC‘s Charles Gasparino went on the air Tuesday to refute allegations in a recent Vanity Fair article that claimed that the business news network helped put Bear Stearns & Co. out of business by airing rumors about its financial situation.
But according to Gasparino, assertions that rumors were responsible for Bear Stearns’ collapse are the product of ‘ill-informed writers and reporters’ and that the company had several fundamental flaws –- including its leadership –- which caused the investment bank’s failure.
“‘I mean, what he [Dimon] was essentially saying is that he believes that rumors brought down Bear Stearns,’ Gasparino said. ‘I know that’s become popular among some ill-informed writers and reporters lately –- that rumors took out a firm that had bad management, which earlier in the summer, the CFO got on a conference call and said this was the worst financial debacle he’s ever seen and the stock went down like 10 bucks in three minutes, a same firm where, you know –- the CEO was playing golf while Rome was burning.’
“‘You could name a million problems with Bear Stearns that kind of gave the impression that there was a problem there –- a real desperate problem,’ said Gasparino. ‘And it ain’t rumors; I got news for you.'”
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