The Fed's recent rescue of Bear Stearns is reminiscent of another near-meltdown of a huge Wall Street firm - Salomon Brothers, back in 1991. The company faced criminal indictment and imminent bankruptcy because of a scandal involving false and illegal bids to buy government bonds. That's when Bob Denham stepped in. Bob worked closely with the executive team, including Warren Buffett, to save the firm.
One business is booming in these rocky times: companies that help other companies in trouble. Guy Sansone is often hired as a "Chief Restructuring Officer" by companies facing financial problems. It's his job to figure out where and how a company can do things more efficiently. He's had to raise rent on nuns and re-think how office buildings should be used - all to help his clients stop losing money.
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Is Someone Listening?
Bob Gensburg is a lawyer in rural Vermont who represents a Guantanamo detainee, Abdul Zahir. Bob says that as he started to build his case, strange things began happening: his wife picked up their home phone and overheard him talking, but Bob wasn't at home or on his cell phone - he was using the land line at work. Bob also says that his word processing folder, which archives his case for Mr. Zahir, has disappeared from his desktop several times. Bob has spoken with forensic detectives, and believes his phone is tapped and his work is being monitored because he's representing Mr. Zahir.