March 15, 2008

Anyone else find it strangely odd that in the end, Casey Serin brought down Bear Stearns and the entire worldwide financial system?

12 comments:

keith said...

http://www.latimes.com/news/printedition/front/la-fi-petruno15mar15,1,2504509.story

This big rescue may be just the beginning

Throughout Wall Street's history, major financial system upheavals often have culminated with the spectacular failure of a marquee name.

That was the case in December 1994, when Orange County filed for bankruptcy protection after getting caught on the wrong side of a sharp jump in interest rates.

In September 1998, the Federal Reserve helped arrange a bailout of the giant investment fund Long-Term Capital Management after it neared collapse from bad bets in wildly swinging markets.

In those and similar instances the big-name debacles marked the peak of the financial system crises, not the start of something worse.

But this time around, with Friday's surprise announcement that the Fed would temporarily inject its own money into tottering brokerage giant Bear Stearns Cos., many Wall Street pros say they have little confidence that the move is a prelude to better times for beleaguered markets and the economy.

Indeed, some experts say Bear Stearns' woes warn of potentially larger calamities that will severely test the Fed, the economy and, ultimately, taxpayers as the government gets more deeply involved in fixing the markets' troubles.

"We will lose, in some form, several major financial institutions before this is over," said veteran economist Allen Sinai of Decision Economics Inc. in New York.

Lost Cause said...

Isn't it rich?
Are we a pair?
Me here at last on the ground,
You in mid-air.
Send in the clowns.

Isn't it bliss?
Don't you approve?
One who keeps tearing around,
One who can't move.
Where are the clowns?
Send in the clowns.

Just when I'd stopped opening doors,
Finally knowing the one that I wanted was yours,
Making my entrance again with my usual flair,
Sure of my lines,
No one is there.

Don't you love farce?
My fault I fear.
I thought that you'd want what I want.
Sorry, my dear.
But where are the clowns?
Quick, send in the clowns.
Don't bother, they're here.

Isn't it rich?
Isn't it queer,
Losing my timing this late
In my career?
And where are the clowns?
There ought to be clowns.
Well, maybe next year.

Budvar said...

It's the 2nd one to go in as many days, Carlyle group was another.

Anonymous said...

casey serin? nahh....alan schwartz is responsible.

Anonymous said...

It least it is nice to have a good looking woman readin' a script as the shares crash and hopes are dashed. Bread und circuses.

simon said...

The greedy, stupid bastards deserve to fail.I hope all the crooks in management leave pennyless.Casey serin hooked up w/ the stripper from american idol last I heard.

Cal said...

When she says "liquidity" is makes my charts shoot straight up into the air.

Anonymous said...

PERFECT CASE IF BLAME THE SAP PATSY FALL GUY AND RUN IN THE OTHER DIRECTION WITH THE LOOT..............WHOSE THE BIGGER CROOK?

Mark in San Diego said...

Actually I hold a contrarian view of Casey - I LOVE the fact that some 21 year old kid brought the financial system to its knees - the fact the banks/Countrywide, etc. gave Casey the money was the problem - hell, what kid wouldn't take a million or two?? We should make Casey a national hero for exposing the fraud and greed in the financial industry.

chris g said...

Sweet! Let's all head over to Jamba Juice and do a wheatgrass shot to celebrate!

Anonymous said...

The person who added the poem is good old jimmy c from the google crox message board. He got called out their it is a pretty funny set of posts.

Anonymous said...

Where do they find these gorgeous females? Doesn't matter what this one says... I don't care :-)