• 15 Feb 2008 at 1:05 PM

Pining For The Past

By John Carney

eloise.jpgCitic 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]

Comments (16)

  1. 1
    Posted by guest | February 15, 2008 at 1:10 PM

    i knew it!

  2. 2
    Posted by guest | February 15, 2008 at 1:13 PM

    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.

  3. 3
    Posted by guest | February 15, 2008 at 1:27 PM

    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?

  4. 4
    Posted by big r | February 15, 2008 at 1:27 PM

    life IS to short. whoever said that quote is a very smart man. probably good looking too.
    KLW should get on that

  5. 5
    Posted by guest | February 15, 2008 at 1:29 PM

    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

  6. 6
    Posted by BSD | February 15, 2008 at 1:31 PM

    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…

  7. 7
    Posted by guest | February 15, 2008 at 2:04 PM

    fancy schmancy formatting….is this GAWKER?

  8. 8
    Posted by Cincinattus C | February 15, 2008 at 2:09 PM

    so um..this might sound like a dumb question, but what are you guys saying…that james cayne smokes pot?

  9. 9
    Posted by BSD | February 15, 2008 at 2:24 PM

    Cincinattus,
    Actually the WSJ said it. Like 3 months ago… It was all over the news, where were you?

  10. 10
    Posted by step on all the bids | February 15, 2008 at 2:30 PM

    italics and gray fontz hurtez me eyez

  11. 11
    Posted by guest | February 15, 2008 at 2:49 PM

    Hahah, “the proxy access of fonts”
    I liked that.

  12. 12
    Posted by guest | February 15, 2008 at 3:55 PM

    GRAY ITALICS KILLS ME

  13. 13
    Posted by guest | February 15, 2008 at 4:28 PM

    also when mayor carcetti announced he was turning the docks into condos. that jerk.

  14. 14
    Posted by guest | February 15, 2008 at 8:41 PM

    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.

  15. 15
    Posted by guest | February 15, 2008 at 8:51 PM

    BSD, I think Cincinnatus C was relying on irony.

  16. 16
    Posted by guest | February 15, 2008 at 9:28 PM

    column width on the left-hand side is too narrow.
    -guest

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