Posted on 03/29/2008 1:26:20 PM PDT by Ernest_at_the_Beach
It's such a stupid mistake that anyone who knows anything about the business will be pointing and laughing for years.
Reminds me of Havoc's claim to be a math major......on the same thread where he didn't know the difference between median and mean. LOL!
So seriously, it’s just full Google mode, damn the consequences? Isn’t that what he got into “trouble” for earlier? Are you “lying” now? Am I? I saw that, and it was just stoopid.
Even if you can't interpret the data, it must be true. There's so much of it.
I wonder if he'll admit his latest error? Ex-Texan took the statement of shares owned by Bear Stearns employees at the end on February as number of shares sold by Bear Stearns employees in February. He still hasn't owned up to his mistake.
I almost feel sorry for those guys. On the 2nd anniversary of the loss of our favorite doomer, they are poor substitutes.
As of June 2007, ~$535M was invested in BSC with most of it in debt. I wonder how many other people's retirement funds went into the tank because of Bear Stearns. But, it's okay....Bear Stearns Paid Chief Cayne $40 Million Last Year, and then was able to sell his stake in the investment bank after J.P. Morgan Chase raised its offer for the failing bank from $2 a share to $10 a share -- netting Cayne about $61 million.
DOMESTIC EQUITY REPORT Company Shares Book Price Book Value Market Price Market Value BEAR STEARNS COS INC 641,840.00 56.99 36,578,187.63 140.00 89,857,600.00 ASSET BACKED SECURITIES REPORT Security Rate Maturity Date Par Value Book Value Market Value Yield BEAR STEARNS ALT A TR 5.19 5/25/2035 2,788,878.17 2,813,944.74 2,806,069.09 5.16 BEAR STEARNS ASSET BACKED 5.84 6/25/2034 2,235,520.47 2,240,287.43 2,252,490.31 5.80 BEAR STEARNS ASSET BACKED SECS 5.44 12/31/2047 4,299,065.20 4,299,065.20 4,301,081.46 5.44 BEAR STEARNS ASSET BCK SECS TR 5.65 1/25/2036 1,200,929.95 1,200,929.95 1,202,994.35 5.64 BEAR STEARNS ASST BACKED SEC 5.87 9/25/2034 3,500,000.00 3,500,000.00 3,546,483.50 5.79 BEAR STEARNS MTG FDG TR 5.47 12/25/2036 4,538,039.50 4,538,039.50 4,531,270.11 5.48 COMMERCIAL MORTGAGE LOANS REPORT Security Rate Maturity Date Par Value Book Value Market Value Yield BEAR STEANS STRUCTURED PRODS 3.85 7/27/2033 36,267,461.54 23,967,460.18 25,255,717.23 5.53 BEAR STEARNS ARM TR 4.75 7/25/2035 200,636,866.23 155,163,140.12 160,503,362.71 5.94 BEAR STEARNS ARM TR 4.89 2/25/2034 62,341,134.92 48,405,992.77 49,316,690.95 6.18 BEAR STEARNS ARM TR 5.11 5/25/2033 20,256,326.66 16,079,896.68 16,323,741.05 6.34 BEAR STEARNS ARM TR 5.21 5/25/2034 37,968,710.75 30,034,751.35 30,213,199.17 6.54 BEAR STEARNS ARM TR 5.38 2/25/2033 3,765,407.15 2,972,070.55 3,046,642.47 6.65 BEAR STEARNS ARM TR 5.52 5/25/2033 16,453,255.09 13,098,479.05 13,235,075.01 6.86 BEAR STEARNS COML MTG SECS II 5.62 3/11/2039 53,254,134.20 41,759,071.31 42,529,879.72 7.04 BEAR STEARNS COML MTG SECS INC 5.30 10/12/2042 53,254,134.20 41,675,919.95 41,695,023.80 6.77 BEAR STEARNS COML MTG SECS INC 5.41 12/11/2040 19,365,139.71 14,787,192.35 15,343,401.87 6.82 BEAR STEARNS COML MTG SECS INC 0.21 5/11/2039 153,699,290.90 1,711,027.74 2,337,395.25 13.79 BEAR STEARNS COML MTG SECS INC 0.70 11/11/2035 151,999,280.99 4,341,404.23 3,971,095.73 26.91 BEAR STEARNS COML MTG SECS TR 5.20 12/11/2038 70,416,489.26 54,561,876.91 54,592,586.31 6.71 CORPORATE SECURITIES REPORT Security Rate Maturity Date Par Value Book Value Market Value Yield BEAR STEARNS COS INC 5.30 10/30/2015 15,000,000.00 14,795,744.42 14,167,277.55 5.61 BEAR STEARNS COS INC 5.59 1/31/2011 1,420,000.00 1,420,000.00 1,414,434.59 5.61 BEAR STEARNS COS INC 5.55 1/22/2017 40,000,000.00 37,738,150.00 37,784,555.20 5.88 BEAR STEARNS COS INC 5.35 2/1/2012 805,000.00 804,028.41 788,207.71 5.46 BEAR STEARNS COS INC 5.44 3/30/2009 5,400,000.00 5,403,105.94 5,392,777.50 5.45
535 million is what percent of 250 billion? That fund makes and loses that much on an hourly basis.
Plus, you do realize that the asset backeds and the mortgage backeds are not the ultimate credit of Bear.
Havoc?
What an idiot.
The only piece of this to take a hit with the BSC sale to JPM was the common stock. CALPERS will lose about $30MM on this piece since their cost basis was only $56.99/share.
The rest of this stuff is either debt to BSC (structured repos) which were protected by the transaction, or securitized products that were most likely non-recourse to BSC anyway. Their value is based on the collateral and have nothing to do with BSC.
I wonder how many other people’s retirement funds went into the tank because of Bear Stearns. But, it’s okay....Bear Stearns Paid Chief Cayne $40 Million Last Year, and then was able to sell his stake in the investment bank after J.P. Morgan Chase raised its offer for the failing bank from $2 a share to $10 a share — netting Cayne about $61 million.
Just how much DID you lose on Bear?
Yep, it sucks that it worked out that way. The only fix, though, is to outlaw restricted stock grants. I wouldn’t recommend it. A few executives like Cayne cashing out shouldn’t ruin it for everyone who benefits from such programs, including many lower level employees at many public companies, or those executives who create tons of value in their companies and have every right to share in the stock appreciation.
The remedy surely isn’t, however, to allow the Fox to watch over the henhouse....but......the powers that be think it’s a super idea.
http://norris.blogs.nytimes.com/2008/03/31/market-plunges-fed-acts/
Market Plunges, Fed Acts
When Wall Street wanted the Fed to ignore all the wild gambling in the derivatives markets, the Fed did so. Alan Greenspan fought to keep regulation away from that market, and argued that it was assuring the safety of financial institutions by allowing risk to be transferred to others. It turns out the exact opposite was true..........
........Consider this report from Britain’s Financial Services Authority, dealing with the Northern Rock debacle. It discloses an internal audit at the F.S.A. that found, among other things, “a lack of adequate oversight and review by FSA line management of the quality, intensity and rigor of the firm’s supervision.”
I’ve seen nothing similar from the Fed. Meanwhile, the Treasury proposes to give the Fed authority to oversee the entire financial system, but wants to do nothing to restrain what it views as wonderful innovation in financial products.
Let’s see if we get this straight: The crisis erupted in unregulated markets, the ones with all that innovation. Regulated markets, with more transparency and limits on the leverage market participants can use, have held up while unregulated ones crumbled. Therefore, the solution is to reduce regulation of regulated markets, while doing nothing to restrain the unregulated ones.
About the Bear Sterns bailout:
“If you can explain how US taxpayers will be footing $29 billion, we could answer your stupid question. “
How does $700 billion sound?
$700 billion from the Treasury sounds different than $29 billion from the Fed.
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