I was just re-reading about Bear Stearns remarkable collapse with today’s indictment of two managers, Matthew Tannin and Ralph Cioffi, who quite frankly should have known much better than to share private thoughts via email. Because, apparently unlike their employer, email is forever. Think twice before you create any digital communication and, if you wouldn’t want a Federal judge listening to its contents, you probably should send/post/publish it.

What is astonishing to me, though, is not so much the stupidity of these two managers, but rather the extraordinary speed of Bear Stearn’s collapse. Here was an 85-year old, independent investment bank with assets in excess of $400 billion, paying their counterparties, executing trades and, according to their CEO at least, making money.

Until a Tuesday in mid-March when an email was issued from another Wall St institution, Goldman Sachs, to its hedge fund clients that called into question Bear Stearns’ liquidity. There weren’t any specifics or facts offered to make such a stunning accusation, but, apparently, it was enough that Goldman was asking the question. Within days, not weeks, not months, but from Tuesday when the email was sent to Friday when Bear Stearns had secured $30 billion in funding from JPMorganChase and the US Government, their stock went into freefall. Game over.

Companies in sectors like financial services, technology, even media have always been about the confidence they publicly present. But once the confidence evaporates, so too does the business. Business is a competitive sport and certainly not for the faint of heart.