According to sources participating in Friday’s conference call held by brokerage Bear Stearns, Egan Foote somehow got through and went on a rant about farm subsidies before Bear Stearns employees were eventually able to cut him off. Bear Stearns CEO Alan Schwartz was in the middle of discussing the firm’s liquidity problems when participants began hearing heavy breathing and several taps on one of the participating phones’ mouthpiece. When the noises stopped, Mr. Schwartz continued the call, only to be interrupted again minutes later by a nervous sounding man proclaiming “Hello… uh… Egan here. Over.” Egan then immediately began passionately voicing his opinions on farm subsidies.
Foote himself was interrupted a few moments later when an older woman proclaiming herself Mother Foote got on the line and told Egan she “needed the phone to call Eggbert.”
Egan was eventually cut off mid-sentence when Bear Stearns IT personnel were able to knock him off of the line. Bear Stearns shares witnessed a brief spike during the period in which Foote made his comments, followed by a heavy drop shortly after.