Uh-oh, my best friend works at Bear Sterns...

This is not a good day...

http://money.cnn.com/news/newsfeeds/articles/djf500/200803141642DOWJONESDJONLINE001008_FORTUNE5.htm

 

I think you need to change the title to worked.

I thank God that they sold my IRA 2 years ago.

 

He hasn't returned my calls all day. I'm a bit worried.

 

GNBF: Depends on where he works at BS. If he's in processing, then no worries. There will just be a different corporate treasurer's name on the bottom of the paycheck next time.

 

Just got off the phone with him - his "group" is fine. Unless they fire all six of them, which could happen, they'll just be swallowed up.

What a weird day.

 

Why the heck would an investment firm have the word "Bear" in its name?

 

Sounded better than Panicked Market Sell-Off Stearns, I guess.

 

Sounds like your friend would be the wrong person to guess how much Kim Kardashian weighs. At Bear Sterns, they can't predict the fluctuations of anything.

 

I laughed out loud at that...

 

If your friend has worked there for 20 years and he's making six figures, I'm afraid I can't lose any sleep over whatever might happen to his job. I've got more important concerns.

 

Actually, he's 24 and a year out of Yale. Nice comment though, buddy.

 

And the Chairman of the Board dialed in to the events from a bridge tournament.
http://online.wSportsJournalists.com/article/SB120550108028136579.html

For anyone who follows this stuff, Cayne is the F'er who, while President, while the Bear hedge fund problems arose last summer, was never around because he helicoptered out for golf every thursday afternoon, and Fridays.
http://money.cnn.com/2007/11/01/news/companies/bearstearns_ceo/index.htm

Someone asked him a question on a conference call regarding the hedge fund disaster, and he was gone. It was golf time, come hell or high water.

He was booted upstairs to Chairman in January.

Oh btw, Bear is one of the five firms who have given out $100 billion dollars in executive bonuses in the past five years. That's not a misprint, 100 billion dollars.

Bonuses apparently built on bogus and fictitious profits. Which really shouldn't matter to Joe Six Pack, except that he is the one bailing out Bear. It is just an unfathomable system we have in this country. Privatize gains, nationalize losses. And us sheeple allow it.