12:48P Any acceleration in
requests for cash today? Answer: Nothing materially different than
earlier in the week on prime brokerage and repo.

12:50P
One of the reasons we went to JPMorgan is that it is the clearing agent
of our collateral, so easy for them to see the kind and quality of the
collateral that we have available, and so could move quickly.

12:52P No
material changes in liquidity ratios. "Untrue rumors" caused concerns
among lenders and thus we lost capacity. Going with JPMorgan will
allow Bear to borrow against collateral.

12:54P
We will be able to convince customers and counterparties that we have
the ability to fund ourselves every day and do business as usual.

12:55P Frankly, this is a bridge to a more permanent solution.

12:56P Gives
us a chance to look at the alternatives, that can run the gamut, and
give everyone a chance to see the facts and not the fiction. We will
look at a range of alternatives.

12:57P The conference call has concluded.

I
believe that they will continue to have a "run on the bank". I know I
wouldn't clear my hedge fund through them, and after their clients
suing to get their money back, I wouldn't invest with them either.
After doing research, I wouldn't sit as a counterparty with them. So,
if anyone does similar research, Bear is in trouble.

Comments, anyone???