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/ 4 April 2008

Bank chief blames rumours for Bear’s collapse

The head of the crisis-hit investment bank Bear Stearns has blamed short sellers and market manipulators for spreading negative financial rumours to induce a collapse of the 85-year-old Wall Street institution. Bear’s chief executive, Alan Schwartz, told the senate’s finance committee in Washington that his firm had been as well-capitalised as its rivals.