During his tenure as chief economist of Bear Stearns up through 2008, the firm sought $25 billion dollars in bailout money from the Federal Reserve, and eventually the collapse of two subprime mortgage hedge funds led to the implosion of the company.[14][15] In December of 2007, Malpass rejected the notion of an impending housing-led recession[16] and in an ill-timed op-ed piece in the Wall Street Journal, Malpass argued that the economy was sound, the credit crisis was contained, and the American economy was fine in August of 2007. [
Too bad Barney Frank and Chris Dodd aren't in jail.