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Interview with ex treasury secretary Paul O'Neill

Questions for Paul O'Neill
March 30, 2008

Q: Do you feel bitter about your service for the Bush administration?

A: No. I’m thankful I got fired when I did, so that I didn’t
have to be associated with what they subsequently did.

Q: Do you think it was appropriate for the Federal Reserve
to lend a helping hand to Bear Stearns and save a private
investment company from its own bad decisions?

A: I would say they didn’t save Bear Stearns. They saved
the financial system from a panic collapse. I reject the
notion that they helped Bear Stearns. Bear Stearns was
destroyed.

According to a financial website, it's been suggested that CAlPERS, The California Public Employees' Retirement System, "got stiffed" for the Bear Stearns collapse. I don't know how else someone could interpret these figures.....unless, of course, CAlPERS divested itself of these shares before the collapse....

BSC exposure, as of year end June 2007


                      CalPERS: 2007 Annual Investment Report: 
                      Broker Fees and COMMISSIONS PAID REPORT

http://www.calpers.ca.gov/invest/investmentreport-2007/
investment_operations/bc.asp?report=broker_commission


           Partnership                        Shares              Commission
                                                            (Dollars in Thousands)
Bear Stearns & Company, Incorporated    1,292,125,920.00           839.35

Bear Stearns Asia, Limited                 20,587,600.00            23.22

Bear Stearns International Trading          2,988,208.00            99.31
 
Bear Stearns Securities Corporation     1,760,025,427.03         1,350.16