Memo To Chris Cox
""The fate of Bear Stearns was the result of a lack of confidence, not a lack of capital," Cox said in a March 20 letter to international banking regulators."
Dude. You're embarassing youself. The excuse-making is understandable, given that you're having to bolster public and international regard for a flat-out taxpayer-guaranteed, government-led bailout/liquidation hybrid. But try throwing a bit more truth into your arguments.
When an entire business depends on confidence to obtain big slugs of leverage and liquidity, a lack of confidence IS a lack of capital.
And if the business loses that, it deserves to go down. Hard.