• Lisman’s past
    May 29,2014
     

    Lisman’s past

    The May 22 article, “Campaign for Vermont Lisman won’t run for governor” by Neal Goswami of the Vermont Press Bureau, mentions Bruce Lisman as former chairman of JP Morgan-Chase Global Equity Division, but leaves out his tenure with Bear Stearns.

    Actually, Mr. Lisman was a senior managing director of Bear Stearns Companies and co-head of the Global Equities Division from 1984 to May 2008 (according to Bloomberg Newsweek), when Bear Stearns collapsed due to overexposure to the sub-prime derivative market. He worked at Morgan-Chase only from June 2008 to February 2009 during the transition after Bear Stearns went belly up and Morgan-Chase took over what was left of the company.

    As we all know now, the greed and risky behavior of companies such as Bear Stearns, Merrill Lynch, Lehman Brothers, AIG and others cost millions their jobs, the U.S. economy trillions of dollars, racked up enormous debt and have threatened various programs dependent on tax revenues such as Medicare and Social Security.

    Jerry Kilcourse

    Montpelier

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