It doesn’t get worse than Jimmy “Crack” Cayne, when it comes to managing risk, does it? This man, James Cayne, was President and CEO of [[BSC]], since 1993. He is the guy who fucked Bear, plain and simple. When the whole subprime mortgage crisis hit last summer, Jimmy was playing golf—instead of guiding the ship.
As a matter of fact, I think Jimmy was teeing up often, for a very long time, while the internals at the storied investment bank, Bear Stearns, rotted from within.
Think about all the men and women, who worked at BSC or not, that had a large part of their retirement accounts wrapped up in the stock. What happened this weekend, BSC being “bailed out” for 2 bucks, couldn’t have happened without the irresponsible stewardship of Jimmy “Crack” Cayne. No doubt.
Words cannot express how much Jimmy deserves this Asshat Award, so I’ll just shut up and give it to him.
Congrats to Jimmy “Crack” Cayne, Destroyer of the 401k plan—winner of the Asshat of the Week Award.
NOTE: While it’s true, with today’s JPM-BSC “deal,” Jimmy stands to lose about 1 billion dollars, much of that is offset with this here Asshat Award. A lucky and blessed man, indeed. Congrats again.
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Just goes to show you can’t trust old funckers over 47.5
Fly,
You think today is the capitulation, everybody is all waiting for?
Man, I dont know why, but for some reason I think we still ARE SIGNIFICANT going lower, as the CREDIT market looks severely worse than the equity market.
We still haven’t even broken the jan. lows.
LOL, funny shit.
BTW, CNBC reported that employees owned 1/3 of the firm.
No. We go lower on Tuesday.
…
You boys holding skf, or selling?
Employees own 1/3 of the stock … 401K savings transferred from their accounts to JPM much to their chagrin ala Fly & his neighbors …. Egregious!!!, yet somehow deserving, No?
Someone will kill this guy. for real.. Pop in the head in broad daylight.
asshat of the week? How about of the decade!
Easily, the frontrunner for the Asshat Of The Year award too… it’ll be hard to imagine someone fucking up more…
-DT
ALIAS: BPOE
FLY
This is why I love this site. Tuesday is my bet too! May the trading Gods be with us!!!
If this site gets any slower you’ll have to send out blog posts by bicycle courier.
Fly…I have been a long time reader and finally…I must award you with the
“BEST GOD DAMN TRADER IN THE WORLD AWARD”
we are not worthy of your internet genius….
Hey Fly:
No, just for the week. We have lots of these awards to hand out. However, Jimmy is in the running for Lifetime Asshat Achievement Award, along with Mozilo.
My guess, Mozilo wacks out Cayne for the award.
Reminds me of the Enron disaster.
I think the operating rule should become: NEVER, ever hold stock in the company you work for.
In fact, perhaps the rule should be: Buy stock in your competition – they may be smarter than you.
Patience young plebs. iBC is in the process of moving to a dedicated server.
Soon enough, you may enjoy ample amounts of bandwidth while drinking large quantities of ambrosia.
DT,
Joe Lewis hasn’t spent his money well …. another deserving of the award.
very interesting article describing a dinner with BSC execs last thursday
http://www.minyanville.com/articles/index.php?a=16292
BSC holders via 401k theme song:
Jadakiss: Why
http://www.youtube.com/watch?v=zcNujMV-2iQ
VIX is exploding, we could near a bottom. GS is still my buy.
Wow…people are buying into this opening…
No capitulation yet…anybody watching LEH, or JPM?
i am calling another bottom right here.
Great call on your BSC downgrade and price projection last week. You were only $2 off. did you get a new time machine?
My god Fed Funds pricing in 88% on the 100 bips and fucking 12% on a whopping 125bips!
one of these days, new eq is going to be right
Newequity, I think we start going back down, right here.
Poof! There goes the dollar again. Revenge of the samurai.
Seems there is intervention in LEH.
Done daytrading for awhile. SMH and TXN were right on.
bid/ask spreads on LEH puts are so wide!
We close at 12,300.
Those of you looking to play dollar strength I would suggest DCR as any strength in the dollar will decimate oil and commodities.
I guess WAMU (WM) is next target of shorts here. This reminds me of why they instituted the uptick rule (SEC Act of ’34?) after the ’29 crash.
Anybody shorting here is going to get “Cayned”.
Losers. I went from 100% cash to 100% long this morning. Everyone in the world including worthless peons like many of you are super bears are predicting end of the world. This is the bottom. Go market! Bull up!
WM and then MER will be next to go poof or get the bailout.
Abc,
You could have went to Vegas with your cash, or jumped in front of a speeding freight train. Same thing.
Question: If WM goes to 0 this week and if there is another week left in the Final Four then can Fly still win if he has no stock for next week?
Feel my power. Market ramping as we speak. Helicopter Ben is going to come to the rescue tomorrow. I shall swim in my new winnings.
This is the first time I went net long all year, so I’m not one of those perma-bulls that play bridge everytime there is a crisis like Cayne.
Mother Market says “Don’t worry, be happy”.
Unless you work at BSC….
Time to go to work.
You are a goat thumper Abc.
I am confused. How is anyone making sense out of this tape?
Go long and strong! I speak and therefore it will come true. S&P will be up 3% from here by end of day tomorrow.
Stock tip for you fools. Buy GME. They will blowout earnings and guidance tomorrow. February NPD videogame sales were off the charts and with Super Smash Brothers and Grand Theft Auto IV coming out – the short-term momo in sales will continue.
Can anybody explain why is BSC trading around $5?
Are they expecting a bidding war or some shit?
How was BSC just at $5.50? what the fuck is going on out there?
BSC is up because of SUPPLY and DEMAND you fool. All the shorts are covering today.
If BSC finds a better offer then the JP offer, when they hold a shareholders meeting they can veto the JP offer and take the higher one.
It’s speculation for a higher offer.
Dude you moron, no one is going to step up for BSC. Only JP Morgan has the $30B Fed guarantee on BSC’s bad mortgage loans.
Btw folks, S&P ramping JUST LIKE I SAID and I’m banking coin on my GME. Boo ya!
haha you fuckers forgot, I can print money and buy billions of $ in stock
we just saw green on the dow. amazing
It was a very smart move by BSC, they took the first offer knowing it would mark a bottom.
ABC…you are too much of dumbbox to play this game. Double down now and go home at the end of the day.
Gunners: I’m wondering the same thing re: BSC trading at over $4/share. Does anybody else have an idea?
newequity:
“smart move” and “BSC” do not belong in the same sentence
I get it now. Today is St. Patrick’s day: GREEN.
Short covering and asshat dip buyers pushing BSC up, that is all. Fundamentally, nothing has changed.
Use market rallies and “gifts” from the Bearded One (not Santa, the other bearded one) as opportunities to short via inverse ETFs. Play the big picture.
You will eat your words you dumb fool. S&P up 3% by end of tomorrow. And GME up to $60 within 2 weeks. Mark my words fools.
When the Fed is done buying stocks and futures contracts, what happens to them? Do they sell them? Destroy them? Crazy.
Abc, you have a time machine? Or, maybe just a dusty crystal ball.
Fear, you buy SKF at 150? Take a chill pill and watch and learn from the master fools.
Looks like the BSC building is worth $6 a share according to my people.
I have a new and improved Time Machine. I see the future and it has higher stock prices in it!
Abc,
are you the same guy that was asking how to buy stocks online last week?
I’m pissed at my broker. I put market order to buy GME at 45 near the open and it got executed at 46.33. Eh! I guess volume too crazy and I hate NYSE stocks. GME to 60 folks. Blowout earnings tomorrow folks. Get long and strong folks.
Bridge is a homo game. Dunkin Donuts is worth more than BSC. Wait one minute – how much were the BSC bonuses in Jan.?
My time machine says S&P will turn green soon as will GME.
abc…if it wasn’t for morons like you people like us wouldn’t have anyone to steal from.
Flattish 🙂
Abc- throughtout history, gaps in down markets get bought. Period. Today is no different. Don’t let a 2 hour span of time change the fact that the market is under serious pressure right now.
If the Dow does not go back and make a new intraday high here soon, look out Abc. I think you’ll be shocked how quickly we are back down ~200 points.
You’re a little too cocky, alphabet boy.
(Video games are probably a decent recession play though… cheap entertainment).
“Stocks go down faster than they go up. Fear is a stronger emotion than greed.”
—Trading 101
We just broke the uptrend. Defend yourself longs.
Yes I was the guy that asked which online broker the FLY used b/c I am not happy with mine. The Fly says he doesn’t use online brokers, so he beat me down.
Dudes, I don’t mean we’re going to see the SP500 will be up by year end. I just mean SP500 up in next 2 days. Boo yah! Sentiment was way to negative this morning, every joe smoe blog was saying short short short.
Gamestop is going to blow out numbers tomorrow. February NPD videogame software sales were up 47% y/y. Yes up 47%. There are tons of awesome games coming out soon too like Grand Theft Auto IV. When you are home and unemployed, you play videogames. Nuff said.
Abc– you still watching?
Asshat of the week award goes to whoever the fuck is driving up the indecis over there. WTF are you blokes smoking? Send some over my way!
well, let me get this straight. Stocks are up 40, financials are holding up nicely, and Cayne is shipping his award back marked “Return to Sender and Coronate”
I suppose this must mean the next step is gross tankage, with asshat awards (and losses) flying in all directions to managers of every stripe.
Don’t you know it!
abc…my bet is that you are 23 years old or younger. you have a lot to learn my friend. good luck today and remember capital preservation is key. don’t bet the farm. keep those stops tight and always honor them.
Babysitter, wrong as usual.
Back to -200 before lunch on the Dow? Any takers?
you trade on emotion. that is all i need to know. i just hope you don’t get too burned today so you walk away being able to learn from your lesson.
Depends on how many martinis I have before and after lunch.
What the hell you talking about. Read my posts. I’m not emotional you freaking !@@#$%@# moron. Really I’m not. LOL
If you are so sure I’m an idiot, short GME into the print tomorrow. We will see who wins. Wu wu ha ha!
Woodshedder, I bet you one martini that Dow will be higher than -200 today!
Cramer last week saying to hold BSC @ $65.
http://www.liveleak.com/flash/FLVPlayer.swf?xml=http://www.liveleak.com/play_flash_xml.php%3ftoken=2b7_1205751955%2526embed=1
abc, you are a child.
ATVI is the best videogame play
Abc- you’ve got a bet. I prefer vodka. No olive juice.
Babysitter, you are a babysitter. Nuff said.
Activision just sold/merged itself into a company that sells crack heroin called World of Warcraft that is actually decelerating growth wise. It will be lower in 12 months.
The slam dunk play this morning was to buy JPM at open. Can’t believe I missed it. How often to get the government to cover $30B of your downside, when you pay $250M for $1.2B in real estate and a great prime brokerage business for free. Damn it, I’m a moron for missing this.
abc – wow, your wit is right on par with your trading ability. i’m going to go back to my rock and crawl under it. ouch. well done.
Abc don’t be so obvious. My sense is that you probably bot GME at 63.77. Nice try to pump it up. I’ll step aside, thank you.
Starcraft, the National Passtime of South Korea, is set to come out this year Abc, along with more and more versions of Americas new passtimes, Guitar Hero and COD
mmmm, I love the smell of alphabet soup burning in the microwave.
Abc, less talk about GME, more talk about the indices. What’s gonna happen next?
alphadawgg, you are wrong.
Mushroom, Starcraft is microscopic peanuts compared to World of Warcraft revenue and profit wise.
Uhh, you know the guys that actually made the original Guitar Hero makes Rock Band right? After last Christmas, it is going to be all Rock Back in 2008.
Woodshedder- Take Olive oil (extra virgin) in the bet. Costs more than vodka these days.
I shall stick to my original prediction. Up 3% from open by end of day tomorrow due to Helicopter Ben.
Cramer has lost credibility. Arrogance and pride is usually rewarded with embarrasment. Abc should take that as a lesson.
Usually. But I’m not your normal usual. Arrogance and pride is awesome when you are right like me all the time.
Patience young plebs. iBC is in the process of moving to a dedicated server.
________________
Patience is the way of the Hindi, no?
Thousands of disgruntled BSC employees running around loose. I love it!
We shall rejoice at the final migration to the new server.
Oh shit, Jake is here. We must be near a bottom.
Wood-
200 comments by 12 noon? Now that Jake is here, I’d take that bet.
we just broke support. look out below.
The Leprechaun has the answers.
Boom, did you get my email?
BX new shorts target? Bear raids 1929 deja vu. Next thing you know Jesse Livermore will be back opening up a bucket shop.
Talked to a friend in international chemical bizz … he says these fertilizer companies must be bought
fave is MOS
If we print 11,700 today, this market could be in real trouble.
by the way abc. real traders don’t predict up/down targets by the end of the hour, day, week, month, year. they trade trend and price and adjust accordingly. you have undoubtedly read this before but it seems you are destined to lose because you won’t follow it.
POT and MOS.
Trender, we will see who is right tomorrow. Watch and learn from the master.
My time horizon these days is twenty sec. to 10 minutes. I call it the Spitzer in and out scalp.
Just put four more “caps” in LEH at $30.50.
Can’t believe it, but that fucker is still alive… struggling towards the door, leaving that long snail-trail of bright red arterial blood.
Just die, stupid fucker!
Best Asshat award ever, this POS is an early leader in the 2008 Gerald Finneran standings.
lol, Bears’s Ask is more the CFC’s
I still hate the Tan Man more.