Citic Securities is negotiating with Bear Stearns to get a few more shares of the bank, in light of recent changes in BSC stock price (it went from shitty to shittier). Under the original terms of the agreement, Citic paid $1bn for about 6 percent of Bear; now its stake will probably rise to about 9.9 percent. I don’t really have much to add, because this all seems pretty reasonable in my professional opinion. But I will say that it sort of bums me out a little. Why is Bear Stearns being so rational and honest about this? The old Bear would’ve been all, “What are you talking about, nothing’s changed. Our stock price is the same. Where are you getting this information from?” Nothing I can do, just makes me sad, kind of like the redesign (that’s right, I’m with you! Is that what you wanted to hear? I feel the same way! It sucks! No one consulted me on the changes! Let’s burn this motherfucker down!).
On a related note, one Credit Suisse employee recently shared with me that he’s been telling colleagues, “life’s too short: buy Bear Stearns.” My little ‘takeaway’ ought to be: short Credit Suisse, but it’s not. I think that deal would actually put a lot of smiles on a lot of people’s faces. And that’s why we’re in this business anyway, isn’t it?
And for those who haven’t heard, James Cayne will now be getting high with Eloise. I approve.
Bear and Citic to reshape holdings in each other [FT]
Fancy New Digs for Bear’s Chairman [DealBook]
Posted by guest , Feb 15, 2008 1:10PM
i knew it!
Posted by guest , Feb 15, 2008 1:13PM
when they fix the fonts here (hopefully) they should make it so bess's byline is pink. with a little heart over the i in Levin. because that's how i feel about bess.
Posted by guest , Feb 15, 2008 1:27PM
http://dealbreaker.com/profile/guest
Now we can all enjoy shopping *and* finance commentary! It's like reading her mind. I had no idea she also wrote for Fashionista. How about offering us all what the 'it' color is going to be this spring? Banker's Ball has fashion posts - why not here too? Wardrobe makeover segment coming?
Posted by big r , Feb 15, 2008 1:27PM
life IS to short. whoever said that quote is a very smart man. probably good looking too.
KLW should get on that
Posted by guest , Feb 15, 2008 1:29PM
this is horrible- you guys know you depend on readers for ad sales, right? and if ppl cant read it, or if they choose working on Excel over reading DB, that means no ad sales...
my guess is, carney thought it was "awesome" and continues to think it's "awesome" although everyone hates it.
bess, i'd just quit and start your own
Posted by BSD , Feb 15, 2008 1:31PM
Hey, if nothing else Jimmy the Joint isn't going all high-roller on us and getting a tiny little place for a pittance of a price. On the other hand - he might have craved the smaller space because it's easier to hotbox...
Posted by guest , Feb 15, 2008 2:04PM
fancy schmancy formatting....is this GAWKER?
Posted by Cincinattus C , Feb 15, 2008 2:09PM
so um..this might sound like a dumb question, but what are you guys saying...that james cayne smokes pot?
Posted by BSD , Feb 15, 2008 2:24PM
Cincinattus,
Actually the WSJ said it. Like 3 months ago... It was all over the news, where were you?
Posted by step on all the bids , Feb 15, 2008 2:30PM
italics and gray fontz hurtez me eyez
Posted by guest , Feb 15, 2008 2:49PM
Hahah, "the proxy access of fonts"
I liked that.
Posted by guest , Feb 15, 2008 3:55PM
GRAY ITALICS KILLS ME
Posted by guest , Feb 15, 2008 4:28PM
also when mayor carcetti announced he was turning the docks into condos. that jerk.
Posted by guest , Feb 15, 2008 8:41PM
Doesn't Jimmy Cayne have a huge spread in New Jersey close to his favorite golf courses?
I think the new apartment in the Plaza is just a pied a terre for future Manhattan-based bridge tournaments. More private than renting a hotel room.
Posted by guest , Feb 15, 2008 8:51PM
BSD, I think Cincinnatus C was relying on irony.
Posted by guest , Feb 15, 2008 9:28PM
column width on the left-hand side is too narrow.
-guest