The recent demise of Bear Stearns was notable for, among other things, how the leadership of the beleaguered firm insisted until the end that all was fine. Apparently, they feared that any admission of growing difficulties would exacerbate its problems, as clients would close accounts and remove deposits, and lenders would cut off credit. The gambit didn't work, and Bear wound up being liquidated fire-sale style.

CEO Dick Fuld of Lehman Brothers took an entirely different tack. According to this article in The Economist, he preemptively sought out major clients and trading partners, and made full disclosure of Lehman's financial position. His idea: by being forthcoming, he'd inspire confidence and head off unfounded rumors and undue negative speculation. In 1998, by failing to defuse rumors, Lehman unwittingly bolstered creditors' suspicions, and the firm nearly sunk as a result. This time, Fuld acted boldly and preemptively.