Emergency Asshat of the Week Award: Jimmy Cayne
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.
Just goes to show you can’t trust old funckers over 47.5
March 17th, 2008 at 6:04 amFly,
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.
March 17th, 2008 at 6:07 amLOL, funny shit.
BTW, CNBC reported that employees owned 1/3 of the firm.
March 17th, 2008 at 6:09 amNo. We go lower on Tuesday.
March 17th, 2008 at 6:09 am…
March 17th, 2008 at 6:10 amYou boys holding skf, or selling?
March 17th, 2008 at 6:10 amEmployees 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?
March 17th, 2008 at 6:12 amSomeone will kill this guy. for real.. Pop in the head in broad daylight.
March 17th, 2008 at 6:16 amasshat of the week? How about of the decade!
March 17th, 2008 at 6:17 amEasily, the frontrunner for the Asshat Of The Year award too… it’ll be hard to imagine someone fucking up more…
-DT
March 17th, 2008 at 6:18 amALIAS: BPOE
FLY
This is why I love this site. Tuesday is my bet too! May the trading Gods be with us!!!
March 17th, 2008 at 6:19 amIf this site gets any slower you’ll have to send out blog posts by bicycle courier.
March 17th, 2008 at 6:20 amFly…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….
March 17th, 2008 at 6:20 amHey 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.
March 17th, 2008 at 6:20 amReminds 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.
March 17th, 2008 at 6:20 amPatience 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.
March 17th, 2008 at 6:22 amDT,
Joe Lewis hasn’t spent his money well …. another deserving of the award.
March 17th, 2008 at 6:25 amvery interesting article describing a dinner with BSC execs last thursday
http://www.minyanville.com/articles/index.php?a=16292
March 17th, 2008 at 6:29 amBSC holders via 401k theme song:
Jadakiss: Why
March 17th, 2008 at 6:30 amhttp://www.youtube.com/watch?v=zcNujMV-2iQ
VIX is exploding, we could near a bottom. GS is still my buy.
March 17th, 2008 at 6:38 amWow…people are buying into this opening…
March 17th, 2008 at 6:38 amNo capitulation yet…anybody watching LEH, or JPM?
i am calling another bottom right here.
March 17th, 2008 at 6:41 amGreat call on your BSC downgrade and price projection last week. You were only $2 off. did you get a new time machine?
March 17th, 2008 at 6:43 amMy god Fed Funds pricing in 88% on the 100 bips and fucking 12% on a whopping 125bips!
March 17th, 2008 at 6:44 amone of these days, new eq is going to be right
March 17th, 2008 at 6:45 amNewequity, I think we start going back down, right here.
March 17th, 2008 at 6:45 amPoof! There goes the dollar again. Revenge of the samurai.
March 17th, 2008 at 6:47 amSeems there is intervention in LEH.
March 17th, 2008 at 6:47 amDone daytrading for awhile. SMH and TXN were right on.
March 17th, 2008 at 6:53 ambid/ask spreads on LEH puts are so wide!
March 17th, 2008 at 6:54 amWe close at 12,300.
March 17th, 2008 at 6:55 amThose of you looking to play dollar strength I would suggest DCR as any strength in the dollar will decimate oil and commodities.
March 17th, 2008 at 6:58 amI 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.
March 17th, 2008 at 7:04 amAnybody shorting here is going to get “Cayned”.
March 17th, 2008 at 7:04 amLosers. 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!
March 17th, 2008 at 7:06 amWM and then MER will be next to go poof or get the bailout.
March 17th, 2008 at 7:08 amAbc,
You could have went to Vegas with your cash, or jumped in front of a speeding freight train. Same thing.
March 17th, 2008 at 7:10 amQuestion: 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?
March 17th, 2008 at 7:10 amFeel 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.
March 17th, 2008 at 7:13 amMother Market says “Don’t worry, be happy”.
Unless you work at BSC….
March 17th, 2008 at 7:14 amTime to go to work.
March 17th, 2008 at 7:15 amYou are a goat thumper Abc.
March 17th, 2008 at 7:15 amI am confused. How is anyone making sense out of this tape?
March 17th, 2008 at 7:18 amGo long and strong! I speak and therefore it will come true. S&P will be up 3% from here by end of day tomorrow.
March 17th, 2008 at 7:19 amStock 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.
March 17th, 2008 at 7:23 amCan anybody explain why is BSC trading around $5?
March 17th, 2008 at 7:24 amAre they expecting a bidding war or some shit?
How was BSC just at $5.50? what the fuck is going on out there?
March 17th, 2008 at 7:25 amBSC is up because of SUPPLY and DEMAND you fool. All the shorts are covering today.
March 17th, 2008 at 7:25 amIf 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.
March 17th, 2008 at 7:26 amDude 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!
March 17th, 2008 at 7:27 amhaha you fuckers forgot, I can print money and buy billions of $ in stock
March 17th, 2008 at 7:28 amwe just saw green on the dow. amazing
March 17th, 2008 at 7:28 amIt was a very smart move by BSC, they took the first offer knowing it would mark a bottom.
March 17th, 2008 at 7:28 amABC…you are too much of dumbbox to play this game. Double down now and go home at the end of the day.
March 17th, 2008 at 7:34 amGunners: I’m wondering the same thing re: BSC trading at over $4/share. Does anybody else have an idea?
March 17th, 2008 at 7:35 amnewequity:
“smart move” and “BSC” do not belong in the same sentence
March 17th, 2008 at 7:36 amI get it now. Today is St. Patrick’s day: GREEN.
March 17th, 2008 at 7:37 amShort 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.
March 17th, 2008 at 7:38 amYou 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.
March 17th, 2008 at 7:39 amWhen the Fed is done buying stocks and futures contracts, what happens to them? Do they sell them? Destroy them? Crazy.
March 17th, 2008 at 7:40 amAbc, you have a time machine? Or, maybe just a dusty crystal ball.
March 17th, 2008 at 7:41 amFear, you buy SKF at 150? Take a chill pill and watch and learn from the master fools.
March 17th, 2008 at 7:41 amLooks like the BSC building is worth $6 a share according to my people.
March 17th, 2008 at 7:42 amI have a new and improved Time Machine. I see the future and it has higher stock prices in it!
March 17th, 2008 at 7:42 amAbc,
are you the same guy that was asking how to buy stocks online last week?
March 17th, 2008 at 7:43 amI’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.
March 17th, 2008 at 7:43 amBridge is a homo game. Dunkin Donuts is worth more than BSC. Wait one minute - how much were the BSC bonuses in Jan.?
March 17th, 2008 at 7:44 amMy time machine says S&P will turn green soon as will GME.
March 17th, 2008 at 7:44 amabc…if it wasn’t for morons like you people like us wouldn’t have anyone to steal from.
March 17th, 2008 at 7:46 amFlattish
March 17th, 2008 at 7:47 amAbc- 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.
March 17th, 2008 at 7:48 amYou’re a little too cocky, alphabet boy.
March 17th, 2008 at 7:51 am(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
March 17th, 2008 at 7:52 amWe just broke the uptrend. Defend yourself longs.
March 17th, 2008 at 7:58 amYes 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.
March 17th, 2008 at 7:59 amAbc– you still watching?
March 17th, 2008 at 7:59 amAsshat 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!
March 17th, 2008 at 7:59 amwell, 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.
March 17th, 2008 at 8:00 amDon’t you know it!
March 17th, 2008 at 8:00 amabc…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.
March 17th, 2008 at 8:02 amBabysitter, wrong as usual.
March 17th, 2008 at 8:03 amBack to -200 before lunch on the Dow? Any takers?
March 17th, 2008 at 8:04 amyou 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.
March 17th, 2008 at 8:05 amDepends on how many martinis I have before and after lunch.
March 17th, 2008 at 8:07 amWhat 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!
March 17th, 2008 at 8:08 amWoodshedder, I bet you one martini that Dow will be higher than -200 today!
March 17th, 2008 at 8:09 amCramer 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
March 17th, 2008 at 8:09 amabc, you are a child.
March 17th, 2008 at 8:09 amATVI is the best videogame play
March 17th, 2008 at 8:11 amAbc- you’ve got a bet. I prefer vodka. No olive juice.
March 17th, 2008 at 8:11 amBabysitter, you are a babysitter. Nuff said.
March 17th, 2008 at 8:11 amActivision 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.
March 17th, 2008 at 8:13 amThe 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.
March 17th, 2008 at 8:15 amabc - 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.
March 17th, 2008 at 8:15 amAbc 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.
March 17th, 2008 at 8:16 amStarcraft, 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
March 17th, 2008 at 8:16 ammmmm, I love the smell of alphabet soup burning in the microwave.
March 17th, 2008 at 8:17 amAbc, less talk about GME, more talk about the indices. What’s gonna happen next?
March 17th, 2008 at 8:18 amalphadawgg, 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.
March 17th, 2008 at 8:18 amWoodshedder- Take Olive oil (extra virgin) in the bet. Costs more than vodka these days.
March 17th, 2008 at 8:19 amI shall stick to my original prediction. Up 3% from open by end of day tomorrow due to Helicopter Ben.
March 17th, 2008 at 8:20 amCramer has lost credibility. Arrogance and pride is usually rewarded with embarrasment. Abc should take that as a lesson.
March 17th, 2008 at 8:20 amUsually. But I’m not your normal usual. Arrogance and pride is awesome when you are right like me all the time.
March 17th, 2008 at 8:21 amPatience young plebs. iBC is in the process of moving to a dedicated server.
________________
Patience is the way of the Hindi, no?
March 17th, 2008 at 8:21 amThousands of disgruntled BSC employees running around loose. I love it!
March 17th, 2008 at 8:24 amWe shall rejoice at the final migration to the new server.
March 17th, 2008 at 8:24 amOh shit, Jake is here. We must be near a bottom.
March 17th, 2008 at 8:24 amWood-
March 17th, 2008 at 8:26 am200 comments by 12 noon? Now that Jake is here, I’d take that bet.
we just broke support. look out below.
March 17th, 2008 at 8:26 amThe Leprechaun has the answers.
March 17th, 2008 at 8:28 amBoom, did you get my email?
March 17th, 2008 at 8:29 amBX new shorts target? Bear raids 1929 deja vu. Next thing you know Jesse Livermore will be back opening up a bucket shop.
March 17th, 2008 at 8:29 amTalked to a friend in international chemical bizz … he says these fertilizer companies must be bought
fave is MOS
March 17th, 2008 at 8:29 amIf we print 11,700 today, this market could be in real trouble.
March 17th, 2008 at 8:30 amby 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.
March 17th, 2008 at 8:30 amPOT and MOS.
March 17th, 2008 at 8:31 amTrender, we will see who is right tomorrow. Watch and learn from the master.
March 17th, 2008 at 8:32 amMy time horizon these days is twenty sec. to 10 minutes. I call it the Spitzer in and out scalp.
March 17th, 2008 at 8:37 amJust 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!
March 17th, 2008 at 9:08 amBest Asshat award ever, this POS is an early leader in the 2008 Gerald Finneran standings.
March 17th, 2008 at 10:10 amlol, Bears’s Ask is more the CFC’s
I still hate the Tan Man more.
March 17th, 2008 at 11:52 am