St. Bartholomew's Episcopal Church

Bear Stearns has gone from $143 a share to $2 a share. It will be sold for $270 million dollars. The employees often have 30% of their stocks in the company.

One commentator on NPR remarked that the financial system was based fundamentally on trust, although the incentive structure was based on short-term personal gain. The combination creates deception.

Who pays?

Perhaps there was some employee who sold his stock options and is living in a modest apartment in Yonkers, drives a used car and has invested in triple A municipal bonds. Those would be the ones who survive.

The rest, alas, will pay for their excess. To some, this is called judgment day. Unfortunately, it's not just the sinners who are judged, but all of us who will have to pay.