The dramatic collapse of MF Global in less than a week made me pick up a copy of the book, Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street for some leisurely reading over the weekend.
In Bear Stearn’s case, the share price fell from $60 on a Thursday to a takeover price of merely $2 on Sunday which the board of Bear had no choice but to accept. The deal was later revised to $10.
I am sure that in the very near future, there will be at least a few books narrating the events at MF Global in the last few days, just like Kate Kelly’s Street Fighters did with Bear Stearns.
Some of the content in Kate’s book actually appeared originally in WJS as articles. Here’s are some portions:
Short adaption from the book: Inside the Fall of Bear Stearns.
Part 1 of a 3-part series: Lost Opportunities Haunt Final Days of Bear Stearns
Part 2 of a 3-part series: Fear, Rumors Touched Off Fatal Run on Bear Stearns
Part 3 of a 3-part series: Bear Stearns Neared Collapse Twice in Frenzied Last Days
While the book has 200+ pages, the action is pretty fast paced and I managed to work through the book in less than one night.
Now we all know that the fall of Bear Stearns is just a precursor of much worst things to come in the later part of 2008. But people outside the financial world were mostly unaware of the rapidly degenerating situation underneath Wall Street. Those who knew of course would have made a fortune during that once in a lifetime opportunity.
Food for thought: Is the fall of Dexia Bank and MF Global the precursor of more failures to come?