So often it seems an executive or government official says there is no crisis or utters some "famous last words" before everything collapses. I am sure there are countless examples. If my readers have some examples leave them in the comments.
Great Depression - Many people including President Hoover said things like "Recovery is right around the corner." With better policies, it might have been, but that's a topic for a different post.
Bear Stearns - Tells investors that two of their hedge funds lost all of their value in July 2007.
CEO Jimmy Cayne says, “Most of our businesses are beginning to rebound." - October 2007
President Alan Schwartz - “We don’t see any pressure on our liquidity, let alone a liquidity crisis.
"We are in constant dialogue with all the major dealers, and I have not been made aware of anybody not taking our credit. None of that speculation is true.” March 10, 2007
Receives a bailout from the Federal Reserve and JP Morgan March 14, 2007
Uno Pizza Grill
The pizza chain, Uno, is in serious financial trouble. They have a $7.1M interest payment due on August 15, 2008. Despite their talk otherwise, they may not even know where the money is coming from the pay the interest and certainly even less so on the next payment. They are facing the possibility of a downgrade of their bonds to D.
Psallidas(CFO) - "We have a productive active dialogue going on with our bondholders"
Read the news stories on Bloomberg.
So readers, if you have any other good examples of 'famous last words' post away.
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