Bear Stearns Could Be the Trigger,
Says Banking Source
Aug. 8, 2007 (EIRNS)The Lyndon LaRouche Political Action Committee (LPAC) issued the following release today.
An Italian banking source told Executive Intelligence Review that he considers Bear Stearns to be currently the potential trigger of a chain-reaction collapse.
"If Bear Stearns goes bankrupt, there will be a chain-reaction. You should look at those who loaned money to Bear Stearns," the source said.
The hole is a large one. Bear Stearns has been the most ruthless speculator out there. Already 3-4 years ago, they were pushing complex derivatives and lending money to subjects with zero credit worthiness. They offered us some of those products through an Italian broker. If they have applied the same techniques in their sub-prime investments, God knows what junk they brought home.