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Lying about exploding offer
Had a superday with an elite boutique (think Moelis , Centerview, Gleacher ). I told an interviewer that I have an exploding offer with Bear Stearns . During my interview, I also told her that I want to work for a boutique. Will it be suspicious that I'm in the process with a bulge bracket bank ?...
Any WSO guys at Lehman Bros / Bear Stearns in 2008?
Really interested to know how many of the WSO guys were at Lehman, Bear or any other institution that went under in 2008 or around that time Particularly interested if you had any personal stories to share about what it was like on the inside of these firms whilst all hell was breaking loose. I was...
Ace Greenberg Passed Away
Sad to see a legend go. http://www.forbes.com/sites/steveforbes/2014/07/31/ace-greenberg-why-th…
Wall Street Loses Feminist Icon
Over the weekend, Muriel "Mickie" Siebert, 80, succumbed to cancer . She will forever be remembered as the first woman to buy a seat on the New York Stock Exchange and the pioneer who opened the doors for women to occupy every role on Wall Street over the subsequent decades. Her stoicism and sense...
Ace Greenberg Calls Sandy Weill "Borat"
It's clear that Ace Greenberg is as mystified as everyone else by his old pal Sandy Weill's turnaround on the whole Too Big To Fail thing. In this interview with Bloomberg, Greenberg claims it wasn't Weill at all who said the banks should be broken up, but Sacha Baron Cohen doing a Sandy Weill...
Citi...Bear...Snake...Rat
Oh Citi ... My favorite Government Sponsored Entity, Indeed you are the Queen of Double Indemnity In the newest edition of Mortgage Banking Magazine, the ill fated tale of Citi's handling of the Bear Stears Hedge Fund implosion is told in detail. While Eddie's post from this morning deals with the...
ROWS: Reminiscing Over Wall Street
Reminiscing becomes a bigger part of life as we age. The more miles you have under your belt, the less new experiences there are and the more you think about what has transpired. What could have/should have I done better? Is this the right path? Where to go from here? We face these questions every...
Cioffi Comes to Terms with Obscurity
Disgraced Bear Stearns hedge fund manager Ralph Cioffi has found his happy place. Still only one of two high-profile bankers to face criminal charges since the crash (the other was his partner Matthew Tannin ), he's gone into self-imposed exile since being acquitted of all charges in November 2009....
Trust Fund Baby Face
These are the words which shaped my youth . Growing up poor in Brooklyn, these guys were the stuff of legend and when you're dirt poor and the peaks of Manhattan look like a literal Wall Street Oasis...you develop a different set of sensibilities. Even though I knew more than one living inspiration...
Blaming Government...the Change I'm looking for
Does the week start on Sunday or Monday? Do I tend to listen to economists or analysts? In both cases, it is usually the latter. I see Sunday more as a wind down, then as a warm up. I see economists as often too focused on theories to examine the practical angles of life. From time to time, however,...
New York Fed Getting Out of the Junk Business
One of the greatest economic Rope-A-Dope schemes of all time might be coming to an end. The New York Fed is about to force Goldman Sachs , UBS , Bank of America and others to buy back the nuclear waste the banks foisted on the Fed under the guise of "collateral". The bulk of the garbage was unloaded...
Bear eats Fed
The saying "chickens coming home to roost" is believed to be more than half a millennium old. That's a pretty long time to not learn a lesson...for an entire species. I remember going to a birthday party when I was 5-ish, one youngin' pooped himself and tried to hide the skidmarkers beneath the...
Too Big To Jail?
Are you surprised by the news that Ralph Cioffi and Matthew Tannin skated on all charges ? I know I am. I'm just not used to seeing a government case collapse after they've piled on a bunch of charges. The jury was unconvinced, though, and only took 9 hours of deliberation to deliver their Not...
Cioffi-Tannin Trial Gets Underway
The first major trial post-meltdown is slated to begin in Brooklyn this morning . Ralph Cioffi and Matthew Tannin, formerly hedge fund managers for Bear Stearns , stand accused of misleading investors about the value of their funds while they secretly exchanged emails indicating that they knew the...
I have an interview with Guggenheim Partners (Former Bear Stearns)
Hey guys, I have a second round phone interview with some former BS guys at Guggenheim , the format is 2x30. Long story short, they are building an Advisory and Capital Markets practice at Guggenheim , and are looking to hire one analyst now, and a number of them over the next 18 months to build up...
Yet another taxpayer-funded party...
I'm almost hesitant to post another report on a lavish party thrown by a bank receiving taxpayer assistance , because by now it is almost cliche. I'm making the exception for three reasons: 1. We haven't heard anything about Bear Stearns in awhile 2. The party took place across the Pond, so was...
"Wall Street Is No More"
This is cryptic Lord Of The Rings-style soliloquy currently being spouted out of Alan "Ace" Greenberg's mouth. The once king of Bear Stearns (speaking of things that are 'no more', amirite?!), who has officially spent 61 years working on Wall Street, said that the investment-banking model he created...
If Bear did not go insolvent
Warren Buffet invested $5B in GS after it became a bank holding company. If Bear Stearns shored up capital and didn't face insolvency prior to being bailed out, would it have prevented Lehman from going under? Would it have stopped the domino effect or would it have been something like final...
Leave it to LSO to kick them when they're down
a compilation of his comedic insults.. To Bear "We also spoke to Sarah, a young girl living in NoLiTa who was duped into going home with a guy who used one of these ploys. “You know, I was hunting in the cabinet under his sink like I always do the morning after I go home with a guy,” she told...
The Great American Bank Run
Just thinking about this and please let me know your comments as to whether you think this is possible of not. Let's say in the next few weeks some of the other banks start to falter, AIG is unable to shore up the $70Bn in financing they need, the Federal Reserve has extended the range of collateral...
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