Bringing Down Bear Began as $1.7 Million of Unsuspected Options

Bloomberg Finally gets around to this. We have them scooped by only 5 months or so. "In a gambit with such low odds of success that traders question its legitimacy, someone wagered $1.7 million that Bear Stearns shares would suffer an unprecedented decline within days. Options specialists are convinced that the buyer, or buyers, made a concerted effort to drive the fifth-biggest U.S. securities firm out of business and, in the process, reap a profit of more than $270 million."