Breaking: Richard Marin Replaced At Bear Stearns

RichMarinBearStearnsFiredReplacedHedgeFundsSubprime.jpgMovie critic and head of the Bear Stearns the asset-management division that ran the two nearly-collapsed hedge funds, Richard Marin, has been replaced by Jeffrey Lane of Lehman Brothers Holdings. Though Marin will remain an “adviser” to Bear Stearns, he will now have considerably more time to blog.
Rich, Rich, Rich. What can we say? We warned you about comparing yourself to the Spartans. Sounds like you basically just met the Wall Street equivalent of the fate of King Leonidas.
Lane To Head Bear Stearns Asset Management [CNBC]
Bear Stearns Hires Lehman’s Lane as Head of Fund Unit [Bloomberg]

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Comments (8)

  1. Posted by Zbignew | June 29, 2007 at 1:38 PM

    Yeah, nobody saw that coming.
    Hey, what ever happened to that putz at Goldman who was on Facebook for four hours a day?

  2. Posted by anon | June 29, 2007 at 2:24 PM

    Lesson learned: Never write your own blog.

  3. Posted by anon | June 29, 2007 at 2:53 PM

    NO PROBLEM. Marin is good friends with Saudi royalty according to his blog. If there’s one thing that Brian Hunter has taught us it’s that the Saudis like to give their money to people who have a track record returning negative several billion dollars. The “Islamic” mortgage industry is just starting out in the Arab world, where the vast majority of the population still hasn’t caught on to the concept of mortgages. This means upcomming opportunities in GCC mortgage securitization and RMBS portfolio management. Marin lost a boatload of money in the RMBS space so he’s the go-to guy for running a Saudi-backed subprime hedge fund in the GCC region.

  4. Posted by jt | June 29, 2007 at 3:26 PM

    didn’t Marin post tons of stories/pictures about his various (mis) adventures in Israel though on his blog? I’m sure the saudis love him being buddy-buddy with the heebs.
    Also I believe islamic law prohibits the practice of charging interest, interesting how the financial engineering guys get around that in structuring the RMBS securities and cdo’s…

  5. Posted by de Cosmos | June 29, 2007 at 8:45 PM

    The gong has sounded, and Cheech is gone.
    Commodore Lane is next up for command.
    Oh, well… the whole fleet will soon experience the eternal peace of the depths.

  6. Posted by bakunin | June 30, 2007 at 6:40 PM

    Marin is destined to play “scooter libbey” in the upcoming remake of WALL STREET

  7. Posted by rory | July 3, 2007 at 10:13 PM

    I worked at BS. Marin’s general counsel was a a guy named Godin, a real moron. I believe only in his 30′s. In fact the whole team were a bunch of flunkies. Disaster was a foregone conclusion.

  8. Posted by primesub | July 6, 2007 at 8:50 AM

    check out http://subprimemess.blogspot.com for the latest subprime news.