glen Posted March 9, 2009 Report Share Posted March 9, 2009 It's nice to see Cayne's rep well on the mend: The Rebirth of Jimmy CayneCayne looks a hell of a lot smarter than Vikram Pandit, the CEO of Citirgoup. When the credit crisis began, Citigroup turned Cayne down for a loan, but the company today has a stock price that last week briefly fell below $1, far lower than the $10 Cayne and company got for Bear. “I never sold stock,” Cayne reminded me. “I believed in my own stuff. I played it straight.” Quote Link to comment Share on other sites More sharing options...
Lobowolf Posted March 10, 2009 Report Share Posted March 10, 2009 It's nice to see Cayne's rep well on the mend: The Rebirth of Jimmy CayneCayne looks a hell of a lot smarter than Vikram Pandit, the CEO of Citirgoup. When the credit crisis began, Citigroup turned Cayne down for a loan, but the company today has a stock price that last week briefly fell below $1, far lower than the $10 Cayne and company got for Bear. “I never sold stock,” Cayne reminded me. “I believed in my own stuff. I played it straight.” Nothing like comparing yourself to a company that lost 98% of its value to make you look good for losing over 90%. Kudos. In other news, the 49ers are better than the Lions. Quote Link to comment Share on other sites More sharing options...
y66 Posted March 10, 2009 Report Share Posted March 10, 2009 According to Michael Lewis, total debt in the U.S. just reached 350% of GDP which compares quite favorably to Iceland where total debt is now 850% of GDP. Is this what they mean when they say we're all Caynesians now? Quote Link to comment Share on other sites More sharing options...
PassedOut Posted March 10, 2009 Report Share Posted March 10, 2009 More Jimmy Cayne in the news: The Tsunami That Buried a Wall Street Giant Mr. Cohan writes that Mr. Cayne “had only a vague understanding” of the exotic securities that would imperil the firm’s liquidity, and that he alienated (and eventually forced out) Warren Spector, the man most familiar with these financial instruments, and that, in any case, the firm exerted little oversight over the hedge funds run by Ralph Cioffi, who had heavily loaded them with toxic investments in subprime mortgages despite assurances to the contrary to investors. Mr. Cohan also notes that Mr. Cayne left to play in a bridge tournament during the crucial period in the summer of 2007 when the firm closed its failing hedge funds, and that in the midst of the March 2008 crisis he was again out of town at a bridge tournament.At least bridge is getting some publicity out of this. :P Quote Link to comment Share on other sites More sharing options...
Lobowolf Posted March 10, 2009 Report Share Posted March 10, 2009 More Jimmy Cayne in the news: The Tsunami That Buried a Wall Street Giant Mr. Cohan writes that Mr. Cayne “had only a vague understanding” of the exotic securities that would imperil the firm’s liquidity, and that he alienated (and eventually forced out) Warren Spector, the man most familiar with these financial instruments, and that, in any case, the firm exerted little oversight over the hedge funds run by Ralph Cioffi, who had heavily loaded them with toxic investments in subprime mortgages despite assurances to the contrary to investors. Mr. Cohan also notes that Mr. Cayne left to play in a bridge tournament during the crucial period in the summer of 2007 when the firm closed its failing hedge funds, and that in the midst of the March 2008 crisis he was again out of town at a bridge tournament.At least bridge is getting some publicity out of this. :P Hmmmm...Summer...March... Well, all Winter crises were dealt with promptly, though. Fortunately for investors, there are only 3 NABC's a year. Quote Link to comment Share on other sites More sharing options...
Al_U_Card Posted March 10, 2009 Report Share Posted March 10, 2009 Can't expect the CEO of a nuclear power plant to understand particle physics but he must realize that what can cause a meltdown is a bad thing....Mr. Burns anyone? B) Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.