Bear Stearns
"Bank runs occur when people’s faith in the bank lapses. While the bank may have the resources to survive the economic issues testing the depositors’ faith, the act of the bank run undermines it."
Yesterday was probably the most depressing day in my financial career (started in 2001). It was worse than Enron for me simply because I know a number of people involved (my firm has/had a very large relationship with BSC).
Has anyone heard from Ari and/or Miroslava?
Yesterday was probably the most depressing day in my financial career (started in 2001). It was worse than Enron for me simply because I know a number of people involved (my firm has/had a very large relationship with BSC).
Has anyone heard from Ari and/or Miroslava?
posted by Fresh at
8:32 AM
14 Comments:
I think you need to turn that frown into a smile.
Capitalism works, there is no free lunch.
I think we need to now burn the nasty short sellers and rumor mongers that (gasp) talked their book.
Why is gossip taken as inside trading when a stock goes down, but if it goes up it is salemenship.
I think this bitch should have gone bankrupt b/c it was obviously bankrupt...$2/share what a joke.
What I heard is that BS paid out billions in bonuses in January and essentially liquidated the company then knowing JPM would buy it in Q1...and FYI JPM gets BS' jewel of an office building if the deal doesn't go through.
I just read a funny article that said the LA Galaxy paid more for David Beckham than JPM did for Bear Stearns!!!!
HAH!
you guys should all watch this its the best thing EVER!
http://www.liveleak.com/view?i=2b7_1205751955
I saw an interview yesterday where Jim Rogers was saying that Investment Banks paid out nearly $39 Billion in bonuses recently. JPM also paid less for BSC than the Yankees paid for A'Rod. But really A'Rod puts up better numbers....
I am generally not in favor of higher taxes, but if these money center banks need access to federal reserve funds, they should have to pay 99% net income taxes for the next 5 years, and have a bonus pool that is limited to 100% of the median U.S. salary. There needs to be extreme penalties for using tax payers cash. This is a catastrophe and these smart money firms get loans from the U.S. when for the last 80 years they have just been gushers of wealth for employees and partners. Equity holders of these bullshit businesses should get wiped out just like Bear, for being invested in stuff that they do not understand.
I know everyone (read Cid) thinks the economy needs saved. But this is like Scrooge getting Tim to give him his lunch money so that he can stay in the usury business. How about they lower their fees on retirement accounts and trusts. When will that happen. Charity is for the poor. I do not see many poor at Morgan Stanley and Lehman Brothers. No wonder that street is all Dems, they need charity just like everyone else.
MK
Bill Miller makes good points why did they wait for Bear to fail before the let brokers access the fed?
I would like to understand that. The funny thing is that he feels torched because they saved everyone else and not him. What a joke. Who would of thought that the richest people in the US need bail outs. Go back to your yaht Bill. Do work son, and stop moaning.
A qoute from the interview in barrons:
"In Japan the debt is 170% of GDP and climbing at about 8% per year. Japan is now becoming close to the situation where it's GDP ratio will continue to grow simply because of it's cost to service the debt. It's called the debt trap"
Good god. Why is anyone long yens. I am swaping my mortgage to yens. Oh wait I have no mortage. I invested in gold instead.
Ben read Carl Weinberg's interview. It basically paraphrases everything you have been saying. Labor and food in china. Dude, we are seriously F'd
I think it is funny that peope see the end of the world as financial collapse. Could you imagine if John Adams had said "lets not fight the British, we may lose control of our financial markets". Bravery is not taking our losses at Bear Stearns. It is sticking up for our human rights.
Back to back to back to back posts, I love it
What do you think of HBO's series on John Adams...
So Matt, what human rights do we need to stick up for? This is not a flip or sarcastic question. A Berkley hippie, Jewish holocost survivor, African American from Birmingham, white farmer from wisconsin, detroit autoworker, etc. will all have different opinions even if there is overlap. Show your cards.
I don't know. A right to fair trial. A right to not be illegally wire tapped. A right to not be sent to war without declaring war. A right to not break the documents that the country was built on. A right to keep some of the wealth that one accumulates without being taxed to zero wealth. A right to do whatever one wants to oneself.
Those are pretty standard.
What is the downside to a strong currency?
What is the downside to asset price deflation?
What is the downside to lower cost housing?
Artificial economics are short term fixes. We need long term solutions.
I love John Adams. Great show.
john adams show is great
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