Needless to say, we are in chaotic times. Balance sheet values are being questioned in portfolios across all industries and geographies. The banking sector, if not being brought to its knees, has been substantially weakened due to massive write-downs. Some have called for s…
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$$$ Jewish Lessons for Bear Stearns [Mixed Multitudes]
$$$ Obituaries: CYGT aka The Stock That Killed My Hedge Fund [TS]
$$$ W…
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Regulatory Rethink
By CHARLES SCHUMER (With
March 28, 2008; Page A13
The sudden collapse of Bear Stearns was a shock to our financial systemmeans I can now bash the Bush administration and all it stands for without even using the word “Bush” anymore. This is a huge plus since it makes all the guys in the Senate lounge giggle. and It was also a wake-up call to anyone who believed our financial house was in good order. Last week we D…
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$$$ Jewish Lessons for Bear Stearns [Mixed Multitudes]
$$$ Obituaries: CYGT aka The Stock That Killed My Hedge Fund [TS]
$$$ W…
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Our stylish friends at Guest of A Guest have discovered the latest fashion trend sweeping the sophisticated nooks of New York City. The discovery came at an art opening in Soho.
While we saw the usual sartorial pieces of cocktail dresses, hats and bow ties, it was this dapper little vest from the Bear Stearn’s spring ‘08 line that was the true hit. We suggest snatching up these puppies now, as the designer has taken a permanent retirement. Their worth will be sure to appreciate in value in fiscal years to come.
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Texas lawyer Joe Jamail is the lead lawyer for Clear Channel, which has sued the banks that are trying to back out of financing the acquisition of Clear Channel by a pair of private equity firms. Clear Channel claims the banks hesitation amounts to tortuous interference with the acquisition agreement. Although there’s little—or perhaps no—precedent for this kind of case, the banks being sued have reason to be afraid.
You see, Jamail famously won a $10 billion verdict for Pennzoil in a tortious interference suit in against Texaco. Pennzoil had agreed buy Getty Oil in 1984, but Texaco swept in and bought Getty before the deal had closed. The massive award forced Texaco into bankruptcy. At the time it was the largest judgment in American history.
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Surprising: shares of BSC are down nearly five percent since Rabbi Cayne sold his stock. Not surprising: A would-be incoming analyst in Bear Stearns’ equities department writes to tell us he’s been informed the services of he and his brethren are no longer required (and to inquire about openings at DealBreaker. Just one: Hahn’s job). Cheer up BSC shareholders/BSC employee who never was– you didn’t have a worse week than this guy:…
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(March 28, 2008 12:49 PM, by Bryan Caplan) When I was reading some famous quotes about newspapers, I came across Jefferson’s famous line that, "Were it left to……
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The usual midtown haunts of Bear Stearns “worker bees” are a little haunted these days. It’s easier to get a pint of Guinness during happy hour at Maggie’s Place, but Fiona and Nick seem a little lonelier. It seems the collapse of Bear has depressed not only Jimmy Cayne’s net worth but the libational spirits of his underlings as well.
(March 28, 2008 12:26 PM, by Bryan Caplan) More educated people almost always have more sensible beliefs than less educated people. I’ve said it many times. But this……
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March 28–
845 AD : (Ragnar Lodbrok: Extortion, Interstate Flight) Ragnar Lodbrok is paid 7,000 pounds of silver by Charles the Bald to leave Paris and take his pesky Viking hoard with him.
1834 AD : (Andrew Jackson: Bank Fraud, Embezzlement, Money Laundering, Counterfeiting) The Senate censures Andrew Jackson for defunding the Second Bank of the United States. A year before, being outwardly hostile to the concept of a national bank, he had diverted the capital to local and state banks. Injecting, one might say, a little liquidity into the system. State banks were in the annoying habit of printing their own currency in 1833, itself a bit of a issue, but combined with the lack of a hard-currency reserve (gold or silver), which most banks did not hold in quantity, the resulting inflation was ruinous. Jackson tried to stem the tide by requiring government land purchases to be paid for in hard currency (again, gold or silver) but this only served to boost the demand for the coins from state banks, which, unable to satisfy the demand owing to their low or non-existent reserves, then collapsed. The result was the Panic of 1837 and the years of economic ruin that followed. Jackson expunged the censure once his allies took the Senate again a short time later….
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The unbiased, neutrally independent American Coalition for Ethanol (it is worth a visit just to absorb- or be absorbed by- the simply eerie animations on the website, but don’t forget to check out the “all about ethanol” stuff too. Ethanol 101 is an invaluable source of the latest bullshit, biofuel jargon guaranteed to get the undergarments off of that hottie with the clipboard that you have been oggling since crashing the Democratic fundraiser) released a report earlier this week revealing that Ethanol might save consumers money.
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An uncertain environment prompts erratic behavior.…
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Final quarter GDP figures surprisingly robust.…
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From: employeediscountnews@citi.com
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Sent: Friday, March 28, 2008 10:29 AM
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Ancient joke: What’s the difference between god and Larry Ellison?
Ancient answer: God doesn’t think he’s Larry Ellison.
The list of people who take more flak than Larry Ellison for being rich is pretty short. But, then, Larry Ellison works very hard at maintaining and inspiring hatred. His efforts are so ceaseless, one might almost think he revels in the vitriol. Actually, we like to think that his divine metabolism absorbs energy, not only from the seething hatred of the mere mortals he e…
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…with his newfound faith in Judaism, and stoner ways, is Jimmy Cayne not:
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In the past weeks, together with his wife, Patricia Cayne, who is a student of Jewish religious traditions, Mr. Cayne has spent considerable time searching for comparable events in religious history to see what lessons can be learned from the collapse of his firm, said a person who has spoken to him recently.
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The Real Story Wrap, March 28
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