That sure was quick. We're told the Bear Stearns shareholder meeting is over, and the acquisition by JP Morgan has been approved. The meeting began at 10 am this morning.
Bear Stearns chairman Jimmy Cayne, who has already sold all his shares and so didn't even get to vote at the meeting, presided over the meeting. We're told he said something about Bear being "acquired by a first class firm."
The deal is expected to close before midnight Friday.
Update: From the WSJ's reporting.
Alan Schwartz, Bear's CEO,[Turns out it was Cayne who] made a brief statement: "It's a sad day but we'll get through it, and we may be better off for it ... The company that is taking us over, or is merging with us, is a first-class company. ... That which doesn't kill you makes you stronger. By now we all must be Hercules. ... We ran into a hurricane.... There's no anger; there's simply remorse."
Mr. SchwartzMr. Cayne said he "personally" apologized, saying he was "sorry that it happened. Words alone can't describe the pain that I feel."
Posted by guest , May 29, 2008 10:21AM
I'm surprised that Cayne was there. I saw on CNBC last night that Ace Greenberg sold the last of his Bear Stearn stocks.
Goodbye ...
Posted by guest , May 29, 2008 10:21AM
I'm surprised that Cayne was there. I saw on CNBC last night that Ace Greenberg sold the last of his Bear Stearn stocks.
Goodbye ...
Posted by guest , May 29, 2008 10:22AM
I'm surprised that Cayne was there. I saw on CNBC last night that Ace Greenberg sold the last of his Bear Stearn stocks.
Goodbye ...
Posted by guest , May 29, 2008 10:22AM
Nobody answered the phone this morning at Bear's Wilmington office.
The Guy from Delaware
Posted by guest , May 29, 2008 10:28AM
@TGFD - What did Bear have in DE? Ops?
Posted by guest , May 29, 2008 10:29AM
I was responsible for the triple post @10:21am. Sorry. The computer was unresponsive and I forgot that you should never, never click the post button more than once.
Posted by guest , May 29, 2008 10:37AM
The Wall Street Journal article just posted:
Bear Stearns Shareholders
Approve Buyout by J.P. Morgan
By RANDALL SMITH
May 29, 2008 10:20 a.m.
A majority of shareholders of Bear Stearns & Cos. approved the sale of the company to J.P. Morgan Chase & Co. at a brief shareholder meeting.
The meeting was presided over by Chairman James Cayne.
Alan Schwartz, Bear's CEO, made a brief statement: "It's a sad day but we'll get through it, and we may be better off for it ... The company that is taking us over, or is merging with us, is a first-class company. ... That which doesn't kill you makes you stronger. By now we all must be Hercules. ... We ran into a hurricane.... There's no anger; there's simply remorse."
Mr. Schwartz said he "personally" apologized, saying he was "sorry that it happened. Words alone can't describe the pain that I feel."
The deal will close on May 30.
Posted by guest , May 29, 2008 10:41AM
Mr Schwartz said"Im sorry that Jimmy, Sammy "The Bull",Ace and I among others took the food out of your familys mouths, dashed your dreams of sending your kids to good schools and retiring comfortably, and took away your livelihoods. We simply had no clue whatsoever ho to manage risk, and Jimmy and I really like bridge"
I would have thrown a bag of hot dog poo at em. Im sure my boy Warren Spec got a good laugh out of it.
Posted by guest , May 29, 2008 10:49AM
There is a correction out. Cayne said all of this stuff about it being sad, not Schwartz
Posted by guest , May 29, 2008 10:50AM
Guest@10:28AM...
Bear has two offices in Wilmington.
Since the Bear is a Delaware corporation, the first is a "corporate presence" office with a small staff.
Second is the "Bear Stearns Bank And Trust National Association".
Both are in the same building.
The Guy from Delaware
Posted by guest , May 29, 2008 10:53AM
I hear that Sandra Smith will be giving lapdances at Ginger Man this evening to raise money for MS or hurricane victims or something.
Posted by guest , May 29, 2008 10:56AM
no one gives a rats ass what they have (had) in Delaware.
Posted by guest , May 29, 2008 10:58AM
Who is Sandra Smith? 10:53
Posted by guest , May 29, 2008 11:14AM
Jimmy C is more Cheech than Hercules
Posted by guest , May 29, 2008 11:23AM
Maybe now Cayne will go beg his nephew Richard Perry at Parry Partners to speak to him and give him a job. Jimmy stopped talking to him because Perry would not let him tell Perry how to run his business, if only the Greenberg, Spector and the Board had shut Cayne down as well........
Posted by guest , May 29, 2008 11:23AM
Maybe now Cayne will go beg his nephew Richard Perry at Perry Partners to speak to him and give him a job. Jimmy stopped talking to him because Perry would not let him tell Perry how to run his business, if only the Greenberg, Spector and the Board had shut Cayne down as well........
Posted by guest , May 29, 2008 11:23AM
Maybe now Cayne will go beg his nephew Richard Perry at Perry Partners to speak to him and give him a job. Jimmy stopped talking to him because Perry would not let him tell Perry how to run his business, if only the Greenberg, Spector and the Board had shut Cayne down as well........
Posted by guest , May 29, 2008 11:27AM
Sick triple post....
The thing that gets me is that not one person in a leadership role will take one iota of responsibility for what happened. These guys are walking away with MILLIONS while other folks are wondering what the hell they are going to do next. Then these guys have the balls to stand up there and speak this mindless drivel about hurricanes. Pathetic, might as well say "Hey, these things happen. Thanks god I made my 100 million, that was a close call!" Retards, no wonder why the firm went under.
Posted by guest , May 29, 2008 11:30AM
at last thats over... and they had the good grace to say "sorry, we fucked up".
Shame that such a half decent name took them over though... JP M is better to have on the CV than BS...
Imagine if the aquisitor had been the oil firm Total... theyd all work for "Total BS" now... or if Absolute Capital had taken them...Absolute BS...
or ... the list on "Bull shit" plays is endless...almost
Im still sniggering over the two pansies in the gym bitch slapping each other...
Posted by guest , May 29, 2008 11:50AM
"Geez, I was really hurting over my lost job and lost savings, but since this didn't kill me, I guess I'm stronger now -- thanks Jimmy," no one was heard to say.
Posted by guest , May 29, 2008 12:05PM
just a puppet on a lonely string
Posted by guest , May 29, 2008 12:30PM
"merged"? Is that what it's called now?
Posted by guest , May 29, 2008 12:41PM
any hot bear-ite chicks who would like to merge with Big Python hedge Fund, let me know. Be your own primary broker as you show me offers I only dreamed of.
Posted by guest , May 29, 2008 12:55PM
"no one gives a rats ass what they have (had) in Delaware."
Agreed. Thank you, @10:56am.
Posted by guest , May 29, 2008 12:59PM
From latest WSJ story: "[Cayne]added that media accounts of Bear Stearns's bank run had been inaccurate. 'Don't believe what you read in the press,' he said. 'It isn't true -- it isn't even close.'"
Posted by guest , May 29, 2008 1:09PM
Everyone who works at an IB knows the truth, the WSJ article was dead on balls accurate. Every big fund moved their balances out. Jimmmy wrapped up his remarks by saying:"I really must run, the chandeliers for my apartment at the Plaza are being delivered"
Posted by guest , May 29, 2008 1:18PM
Anal_yst is probably singing my lyrics from a few months ago...
"Here I am! To fuck you hard Jimmy Cayne!"
--Calgary Schmooze, paraphrasing Jamie Dimon, to the tune of the classic from Scorpions
Posted by guest , May 29, 2008 1:38PM
the Fed .... the Fed ...
- Col. Kurtz
Posted by guest , May 29, 2008 2:49PM
“That which doesn't kill you makes you stronger” this a quote(or at least the jist of the quote) was written by Nietzsche. This is one of the most overused quotes out there since he was talking about this in a military sense. If that is the case then Bear Stearns got their asses handed to them since they had to sell out. Next time think before you talk!!!
Posted by guest , May 29, 2008 3:30PM
RIP, Bear Stearns.
Posted by guest , May 29, 2008 3:53PM
Venit mors velociter
Rapit nos atrociter
Nemini parcetur
я был ребенок медведь
Mishka
Posted by guest , May 29, 2008 7:28PM
Good bye to Bear. Pot , bridge, poker, magic tricks from old fart Ace etc., brought Bear to the collapse.
By the way, JP is supposed to close the deal by june first and there are people that still do not their status.
Posted by guest , May 29, 2008 9:32PM
Check out this FUNNY CARTOON on "you tube" where the The Federal Reserve and JP Morgan Gobble Bear Stearns
http://www.youtube.com/watch?v=-9_EMDfnTfw
Check out this site too.. www.BEARSTEARNSLIVES.com