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Old Pif
March 11th 09, 11:57 PM
Yes, the time flies. Let us celebrate the first anniversary of Bear
Stearns collapse when it all had begun.

http://www.nytimes.com/2009/03/10/books/10kaku.html



************************************************** ************************************************** ******************************
In March 2008 when the 85-year-old firm Bear Stearns — the nation’s
fifth-largest investment bank, which had survived every crisis of the
20th century, from the Great Depression to the market dive of 1987
without a single losing quarter — crashed and burned in little over a
week, it became a harbinger of the credit crisis that snowballed later
in the year and led to the current global financial meltdown. As
William D. Cohan makes clear in his engrossing new book, “House of
Cards,” Bear Stearns is also a kind of microcosm of what went wrong on
Wall Street — from bad business decisions to a lack of oversight to
greedy, arrogant C.E.O.’s — and a parable about how the second Gilded
Age came slamming to a fast and furious end.
************************************************** ************************************************** ******************************

Now, look whom you trust with your money:

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Mr. Cohan writes that Mr. Cayne “had only a vague understanding” of
the exotic securities that would imperil the firm’s liquidity, and
that he alienated (and eventually forced out) Warren Spector, the man
most familiar with these financial instruments, and that, in any case,
the firm exerted little oversight over the hedge funds run by Ralph
Cioffi, who had heavily loaded them with toxic investments in subprime
mortgages despite assurances to the contrary to investors. Mr. Cohan
also notes that Mr. Cayne left to play in a bridge tournament during
the crucial period in the summer of 2007 when the firm closed its
failing hedge funds, and that in the midst of the March 2008 crisis he
was again out of town at a bridge tournament.
************************************************** ************************************************** ******************************

March 12th 09, 12:13 AM
On Wed, 11 Mar 2009 16:57:52 -0700 (PDT), Old Pif >
wrote:

>Yes, the time flies. Let us celebrate the first anniversary of Bear
>Stearns collapse when it all had begun.
>
>http://www.nytimes.com/2009/03/10/books/10kaku.html

How can that be? This is all Obama's fault. He wasn't even president
yet !

>
>
>
>************************************************** ************************************************** ******************************
>In March 2008 when the 85-year-old firm Bear Stearns — the nation’s
>fifth-largest investment bank, which had survived every crisis of the
>20th century, from the Great Depression to the market dive of 1987
>without a single losing quarter — crashed and burned in little over a
>week, it became a harbinger of the credit crisis that snowballed later
>in the year and led to the current global financial meltdown. As
>William D. Cohan makes clear in his engrossing new book, “House of
>Cards,” Bear Stearns is also a kind of microcosm of what went wrong on
>Wall Street — from bad business decisions to a lack of oversight to
>greedy, arrogant C.E.O.’s — and a parable about how the second Gilded
>Age came slamming to a fast and furious end.
>************************************************** ************************************************** ******************************
>
>Now, look whom you trust with your money:
>
>************************************************** ************************************************** ******************************
>Mr. Cohan writes that Mr. Cayne “had only a vague understanding” of
>the exotic securities that would imperil the firm’s liquidity, and
>that he alienated (and eventually forced out) Warren Spector, the man
>most familiar with these financial instruments, and that, in any case,
>the firm exerted little oversight over the hedge funds run by Ralph
>Cioffi, who had heavily loaded them with toxic investments in subprime
>mortgages despite assurances to the contrary to investors. Mr. Cohan
>also notes that Mr. Cayne left to play in a bridge tournament during
>the crucial period in the summer of 2007 when the firm closed its
>failing hedge funds, and that in the midst of the March 2008 crisis he
>was again out of town at a bridge tournament.
>************************************************** ************************************************** ******************************

March 12th 09, 12:55 AM
bear sterns and others survided past crisis because they had more "time"
to do so when they got in trouble. now there are thousands of short
sellers usingthe internet to destroy any company that gets into trouble.
the new breed of short sellers can drive any such company into
bankruptcy overnight by posting exaggerations of the problem...


"THE BLACK HAND" is the name of the international
terrorist group that is causing all the problems.

Old Pif
March 12th 09, 01:31 AM
On Mar 11, 8:13*pm, wrote:
> On Wed, 11 Mar 2009 16:57:52 -0700 (PDT), Old Pif >
> wrote:
>
> >Yes, the time flies. Let us celebrate the first anniversary of Bear
> >Stearns collapse when it all had begun.
>
> >http://www.nytimes.com/2009/03/10/books/10kaku.html
>
> How can that be? *This is all Obama's fault. *He wasn't even president
> yet !
>

Well, life it full of surprises ...