smeagol, you've become quite the forum fascist as is befitting your Latin culture, deciding who should STFU, esp when faced with your self-proclaimed superiority. And as always, no specifics.
Bear Stearns ed up badly, played the mortgage market very aggressively, and is now destroyed. All indications are other companies will follow. Their super-wealthy clients and stockholders (the investment banking/personal wealth crowd), who have made 100s of $Ms or $Bs over the years, shouldn't have been betting in the Wall St casino if they weren't prepared to lose it all.
I won't shed a single ing tear for BS or their clients.
I note that dubya is backing up JP Morgan purchase of BS with $30B in guarantees. Sure it's only a gurantee of more fiat money, not real money.
The money that BS "lost", where did it go? Down the toilet? Up in smoke? Into somebody's else's pockets? I never got a clear answer to that question about the S&L fiasco, also happened on a Repug watch with McCain deeply involved.
Last edited by boutons_; 03-17-2008 at 09:43 AM.
"They lost a load of money"
They've been making many loads of money for years. They exactly knew what the BS game and BS culture was. Nobody forced them to work for BS.
Smeagol is sorry because nastiest, brass-knuckles, bad-citizen investment banks is ed, but still saved by tax payer dollars as "too big to fail"?
Most of the lost will be on Paper. But much of the
"lost" money will be tied up in Real Estate that companies
that BS backed with loans.
There are several bad guys in this mess. Number one
is the buyer. Most knew they really couldn't afford to
buy the homes they did. number two is the builders.
At least in San Antonio. No medium priced homes
were really built here. Most were homes from a hundred
thousand on up. Third were realtor's. They loved the
higher prices homes were bringing and loved the spiffs
they were getting from leaders and insurance folks and
of course the buyers themselves. And last but not
least, as has been mentioned previously. CONGRESS,
especially the social dimm-o-craps pushing lenders to
loan money to shaky buyers who had bad credit or
low credit scores. But it seems that the mortgage folks
are taking the biggest share of the blame from
everyone. Anyone with any common sense could see
what was coming with all the "exotic" credit arrangements.
Where you could literally buy a home and in several
years owe more than the original loan. Yeah, I know
many bought homes thinking they could flip them. Many
folks on the Left coast and East coast sold homes and
came into our market and bought several homes, one to
live in and others to re-sell which skewed the prices
here. Oh, well. Time to pay the piper. And I will
promise you one thing. Congress will not accept any of
the blame, just point fingers and hold hearings and
threaten people.
And Happy Saint Pats day. Got your green on?
I almost had a heart attack . . .
Again dude, you are clueless.
You keep talking about this as if BS people lost nothing. Their company just went down in flames. I can assure you that BS stockholders, many of whom are employees, los t a bundle because of the recklesness of BS' management.
What else did you expect to happen?
And?
I'm not sorry for them. Never said I was.Smeagol is sorry because nastiest, brass-knuckles, bad-citizen investment banks is ed, but still saved by tax payer dollars as "too big to fail"?
Actually, I'm happy. I'm a JPM shareholder and my stock is up 10% after the BS acquisition.
Again, you're hate for corporations, which is what makes America great, is astonishing.
To be honest, I dont believe boutons was talking about BS as a whole.
I believe he was speaking to the executives, who more than likely raped the entire company before dissolving it and selling to JP Morgan.
Youre right, the employees probably lost their entire retirement packages (if they were in fact based on stock in the company). But dont think for the second the board didnt bail themselves out long before this day came.
Give it a couple days.
No surprises, you're just being dishonest like any good repub should be.
Now I'll give you the quick version. Repubs like a weak dollar because that means American goods are more affordable overseas = more exports, foreign goods are more expensive here = less imports, and tourists visit the U.S. because they can afford to now.
Now we all know the ill affects of a weak dollar, but please don't act like repubs aren't in favor of it. At least be honest and if you really don't know, educate yourself before you speak.
If the BS employees were forced to take compensation in stock, then we have a different situation.
But for a lot of them, they accepted to be paid in stock options, backdated if possible. That's a risk they took, just like at Enron.
Yes, the BS mgmt and board of course protected and enriched itself. Cayne for 2006:
http://www.nytimes.com/2006/12/22/bu...rssnyt&emc=rss
Cayne was a top guy that ran the company as it went to .
Dems have been for a weak dollar forever because it fits their 1950s view of the US economy, which of course is based on the notion of increasing export sales leading American manufacturers to provide more high paying unionized jobs, which of course plays well with the Democratic base. Further, the Dems have always been on the Fed's case to print more $ and reduce interest rates so as to make credit more available and affordable to the masses.No surprises, you're just being dishonest like any good repub should be.
Now I'll give you the quick version. Repubs like a weak dollar because that means American goods are more affordable overseas = more exports, foreign goods are more expensive here = less imports, and tourists visit the U.S. because they can afford to now.
Now we all know the ill affects of a weak dollar, but please don't act like repubs aren't in favor of it. At least be honest and if you really don't know, educate yourself before you speak.
The Dems have been for a weaker $ forever. The GOP has not. History. Learn it.
The Dems have been for a weaker $ forever. The GOP has not. History. Learn it.
I just swallowed my falafel.....
History didn't start in January 2001.
I guess it turns out that the GOP is for socialism. Socialism for the big banks and the fat cats. They sure can move fast for BS, but for the millions sucked into ururious mortgages, let the free market rule.
Pretty much. Any time any large bank or financial services firm is near failure there's the Fed to step in because of 'systemic risk'. JPMorgan Chase should make out well on that deal. JPM is up 8%+ so far today.
Is that what they're serving at the al-Qaeda Sympathizer luncheon this week?
I just swallowed my falafel.....
"James E. Cayne, Bear Stearns's former chief executive and one of its largest individual shareholder, will likely walk away with a little more than $13.4 million, the value of his Bear stock holdings, according to James F. Redda & Associates. Those would have been worth $1.2 billion in January 2007, when Bear's stock was trading at a $171.51. Mr. Cayne has taken home more than $232 million in salary, bonus and other pay between 1993 and 2006,"
http://www.truthout.org/docs_2006/031708J.shtml
Go complain to every CEO of all the Fortune 500 companies.
They all make that amount of doe.
It's America, you ing idiot. It's been going on forever. America would not be the superpower it is without it's corporations and it's capitalist system.
Is it that hard to understand, you ing ?
America = capitalism! get it though your thick socialist moronic head. It ain't going to change so move to Vietnam or Venezuela and live a happier life, because in America, you must be the saddest, lamest SOB around.
Another example of Wall St firms gaming the system, here with collusion by the govt.
http://wikileaks.org/wiki/Whistleblo...P_Morgan?=dugg
Is that capitalism?
Those evil corporations . . .
Wrong again. The Dems have always been for more buying power for the dollar and the average working person. But I like how you try to rewrite history.
And again I like how you try to talk about 50 years ago (your version of course), when there's all types of going on right now. It's called Current Events. Learn it.
Might as well try to say that Repubs are pro blacks rights and Dems are pro slavery.
ROFL. Whenever has that been the case? The Dems have never focused on the consumer end of the equation as much as they have on the production side when it came to the relative value of the dollar and its impact on export levels (and employment opportunities for its union members).
Your problem is that you take those current events and attempt to make that the historical standard. The Democratic party has never been at the vanguard of protecting the dollar and avoiding inflationary monetary policy.And again I like how you try to talk about 50 years ago (your version of course), when there's all types of going on right now. It's called Current Events. Learn it.
Were they not at a point in history? My assertion regarding the two parties' views towards trade and monetary policy was from a historical standpoint and you denied that by referencing "current events."Might as well try to say that Repubs are pro blacks rights and Dems are pro slavery.
And yes, you must be drunk.
I said Repubs like a weak dollar (which any honest one will admit) and you reference your opinion of 50 years ago economic ideology. Laughable at how you try to change the question. And yes Dems have historically done a much better job then Repubs at controlling inflation. Did you forget about Hoover and the Great Depression or did you just arbitrarily leave it out. Also funny how a Democrat and the New Deal is what lead us out of it. You just don't like the way they do it because for Repubs it always comes down to taxes and less services.
And if you can't see the irony in referencing Repubs as pro black rights and Dems as pro slavery then you really missed the boat on this one. It's antiquated and not at all relevant in todays world. You might wanna start living in todays world with the rest of us.
Right, I should start living in the world in which the Democratic Party has never erred.
The GOP was certainly all about a weak dollar in the 80s, for example.
Oh yes, but go ahead and ignore the 90's and Current Events
And don't even get me started on how ty Reagan was as a president.
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