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Schwartz Says Bear Was Hurt by Rumors and Lack of Transparency

May 5 (Bloomberg) -- Alan Schwartz, the former chief executive officer of Bear Stearns Cos., said the company collapsed because of rumors and a lack of transparency on the value of its assets.

Schwartz testified today in Washington at a commission mandated by Congress to examine the roots of the financial crisis.

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To contact the reporter on this story: Jesse Westbrook in 東京 at jwestbrook1@bloomberg.net

To contact the editor responsible for this story: Steve Dickson at sdickson1@bloomberg.net

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