PRESS RELEASE

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Credit Analysis Firm Warns of Bigger Troubles at Bear Stearns

June 22, 2007 (EIRNS)—GimmeCredit.com, a New York-based bond and financial research firm, downgraded Bear Stearns Companies' debt to "underperform rating," June 19, a warning that its debt would perform below that of other companies, and an admonition of potential danger.

Kathleen Shanley, senior investment grade analyst, stated in her analysis, entitled, "Please Bear With Us," that Bear Stearns' earnings for the first quarter (which ended May 31, 2007), had fallen a sharp 33%, while its stock was down by 9% for the year. Stanley stated, "...while the dent to its bottom line has been manageable so far, BSC's reputation is taking a beating because of its myriad entanglements with the subprime world." On top of that, Shanley noted, "Aside from supbrime [mortgages], BSC's involvement in the leveraged finance business may expose it to losses if the market weakens."

Shanely's warnings of ongoing Bear Stearns' troubles was resoundingly confirmed a single day later, when the failings of Bear Stearns hedge funds buckled the financial system.