Is anyone watching this? Is this guy retarded? He must have alzheimers or something because all I am hearing is Bear Stearns was fine, they didn’t need capital they didn’t need liquidity, I don’t remember bla bla bla it was all rumors… This coming from the CEO of a failed firm. He needs a reality check. The contrast of the management of GS and Bear Stearns is striking. The management team for BSC was completely innept.
From wikipedia Cayne is a world-class bridge player,[5] having won more than a dozen North American championships,…… His fellow bridge enthusiasts claim that Cayne sometimes smokes marijuana at the end of tournament sessions.[15] Ok, CFA>Marijuana http://en.wikipedia.org/wiki/Jimmy_Cayne
He sounds like he is high right now. I think its pathetic to blame rumors and short sellers for the collapse. Give me a break. If your balance sheet and liquidity were fine, you would have been able to convince the market you were fine. He went so far as to say having more capital would not have prevented their failure. HA! He is like an ostrich with his head in the sand.
But it is a harmless drug. It doesn’t destroy once sharp minds or anything like that.
In the book Street Fighters, chronicaling the last 72 hrs of BSC. Cayne was absent most of the time (prior to and during the crisis). He did not listen to his mgmt and steadfastly maintained that BSC stock is worth much more. It was only a so-so book, but interesting to see the interactions within Bear during their downfall.
Read House of Cards. Cayne is a badass who made an amazing firm. He also mentions in the book why his view was like that. Remember this the guy who turned down saving LTCM infront of like 30 other Bank CEOs. He also kicked GS ass for many years in bond trading.
adehbone Wrote: ------------------------------------------------------- > Remember this the guy who turned down saving LTCM > infront of like 30 other Bank CEOs. THAT takes balls.