We're still going through the Vanity Fair article on Bear which blames, among others, Citadel, SAC Capital, and Goldman Sachs for bringing down the 85 year-old firm. But before we start pointing fingers, let's take a second to note the one party writer Bryan Burrough doesn't think had a hand in blowing the place to smithereens. And in fact, if I may be so bold as to read between the lines, seems to applaud for coming to BSC's rescue, albeit too late.
At 2:07 came shocking news: the first mention that New York governor Eliot Spitzer had had dealings with a prostitution ring. That news shoved Bear Stearns out of CNBC's headlines, much to the relief of the firm's executives.
That's right people-- Ashley Dupree. And, now that you mention it, Eliot Spitzer. Clearly his admission of patronizing hookers was timed. And try this one on for size-- how different do you think this whole thing would've played out if S 'n D had gone the extra mile and performed some sort of a duet that fateful day?
Bringing Down Bear [Vanity Fair]
Posted by guest , Jun 30, 2008 11:48AM
I think Vanity Fair writes these type or articles for the publicity. First the Monsanto article, then Bill Clinton, and now Bear Stearns.
Since when are they an authority on big businesses? Aren't they supposed to be a women's fashion magazine?
I find their reliability very questionable.
Posted by guest , Jun 30, 2008 12:00PM
ya think? I want to hear what Star mag has to say though. They really ripped Soros a ne wone inthe fashion Do's and Don'ts last month!OMG LOLZ
Posted by guest , Jun 30, 2008 12:08PM
I do not subscribe to the "Ya think?!?!?" exclamation. It is to much like a verbal snare and is used to agree but at the same time admonish the original speaker. It does replace, "No shit, Sherlock." but at the same time adds verbal and tonal insult.
Now I am hearing another expletory word: "Really?!?!?" as in the Travelocity ad and numerous television show references like on Saturday Night Live's Weekend Update. It gives me the fantods.
~The Ghost of Hunter Thompson while painting the Ghost of Mark Twain's parlor.
Posted by guest , Jun 30, 2008 12:26PM
Vanity Fair is not a women's fashion magazine. The editor (Graydon Carer)thinks of the magazine as a trend-setting publication mixing coverage of Hollywood, crime, and politics. Carter's particulary devoted to the cause of global warming.
Some of their articles are more credible than others.
They kind of lost me when they ran an article on whether a Dallas man named Worthington was the illegitimate son of JFK. (Guess what; the evidence didn't look very solid.)
I read the Bear Stearns story. Not as good as the Wall Street Journal's account.
Posted by guest , Jun 30, 2008 12:34PM
I don't know much about Vanity Fair. But you have to give credit to Bryan Burrough. Hes the man who wrote "Barbarians at the Gate" which is one of the best books ever written on financial history, the eighties and the LBO boom. The book is amazing and I bet many of us have read it. Didn't it also win the Pulitzer.
And keep in mind that after many years of relative anonymity after the Watergate breakthrough Carl Bernstein also became an editor at Vanity Fair. So they have some big writers on board.
It's just a matter of time before 10 versions of the Bear Stearns faisco are published. Bet Gas-bagar-ino's is going to be one of them. Jim Cayne can get a multi-million dollar advance to write his version as well.
Posted by guest , Jun 30, 2008 12:35PM
I don't know much about Vanity Fair. But you have to give credit to Bryan Burrough. Hes the man who wrote "Barbarians at the Gate" which is one of the best books ever written on financial history, the eighties and the LBO boom. The book is amazing and I bet many of us have read it. Didn't it also win the Pulitzer.
And keep in mind that after many years of relative anonymity after the Watergate breakthrough Carl Bernstein also became an editor at Vanity Fair. So they have some big writers on board.
It's just a matter of time before 10 versions of the Bear Stearns faisco are published. Bet Gas-bagar-ino's is going to be one of them. Jim Cayne can get a multi-million dollar advance to write his version as well.
Posted by guest , Jun 30, 2008 12:39PM
12:34,
Hey asshole. If you don't know much about Vanity Fair, then how the heck do you know about how Carl Bernstein is the editor of the magazine?
Posted by Lowly Assistant , Jun 30, 2008 12:47PM
You bitches are ruthless!
Agree with 12:35. Burrough has a great voice and major contacts. Also, he used to work for WSJ...so everyone, just take a long breath and relax. Twice.
Posted by Anal_yst , Jun 30, 2008 12:53PM
@ 12:39
I dunno, google? Wikipedia? Company website maybe?
Watch who you call asshole, buddy
Posted by guest , Jun 30, 2008 12:56PM
geez, it was a decent article, everybody get on with life now
Posted by Anal_yst , Jun 30, 2008 12:57PM
By that, just to clarify, I mean, don't be so quick to criticize, buddy, chillax
Posted by guest , Jun 30, 2008 1:02PM
We don't read books; we print them.
~McGraw Hill
Posted by guest , Jun 30, 2008 1:06PM
I don't wear glasses, I empty them-
Posted by Lowly Assistant , Jun 30, 2008 1:10PM
"I don't wear glasses, I empty them"
So fucking stupid, yet so fucking good!
Posted by guest , Jun 30, 2008 1:10PM
bull shit article, same as proxy, WSJ 3 day piece, and basic stories on major papers
Posted by guest , Jun 30, 2008 1:14PM
I'm not your buddy, guy!
Posted by guest , Jun 30, 2008 1:17PM
@12:53.....I'm not your buddy, pal
Posted by Anal_yst , Jun 30, 2008 1:17PM
I'm not your guy, friend!
Posted by guest , Jun 30, 2008 1:18PM
I'm not your friend, buddy
Posted by guest , Jun 30, 2008 1:19PM
Interesting article.
The gossip posted here has more cred than the shit they "report" at CNBC...oh yeah, they are reporters and serious people, like that Faber fellow.His unprofessional questioning of Scwartz was unreal;CNBC is run by tools, for gossip whores, and relied on by uber smartypants hedgies, who are actually no smarter than your average Tim Sykes douchebag.
At least with this place you don't pretend to be anything more than you are.
Posted by guest , Jun 30, 2008 1:22PM
The Goldman angle (refusing to do biz as counters to BSC) was the tipping point.
That says nothing about the failed policies and greedy SOB's that put themselves in that position to be a poster boy for over-leveraged, hold and hope investment strategies.
The fact that those failed policies did not actually cause the end of BSC...the letter from GS ultimately placed them into the final position. That they were able to survive as long as it did is ridiculous but one simple letter is what ultimately "caused" it to finally implode
The real story is that GS has enjoyed far too much influence in the markets for too long.
MS
Posted by guest , Jun 30, 2008 1:23PM
WTF!!! Jefferey Epstein is going to jail and I have the news broken to me by Power Lunch and not by Dealbreaker? That's twice this month now CNBC scooped DB on gossip (the Tobias settlement obv being the first one)
Posted by HAM05 , Jun 30, 2008 1:34PM
what?? thats it, im moving to the balkans.
if we live in a country where a man of means cant furiously masturbate into towels in front of 16yo hotties, then i dont know man...were losing it
Posted by guest , Jun 30, 2008 1:34PM
As illiterate as 1:19 pm Jun 30 is....I like what he believes....I see it, too. Most CNBC reports have an agenda attached. Go FOX Business and Liz Claman.
Posted by guest , Jun 30, 2008 1:37PM
ham05 that is awesome
Posted by golden girl , Jun 30, 2008 1:42PM
Actually, Vanity Fair has traditionally had very good (and often juicy) coverage of business related scandals and other stories. Clearly they're limited to the monthly publication cycle, but their strength in covering some of these stories in a long-form non-fiction narrative is one of the things that got me so excited about the launch of Portfolio. With a few exceptions (notably the website) Portfolio has been something of a let-down; I continue to think that most of the VF finance/business related stories are superior.
Posted by guest , Jun 30, 2008 2:00PM
Long live Lehman.
Posted by guest , Jun 30, 2008 2:01PM
What is with the whole "cred" thing???? Who authorized "credibility" to be shortened?
If a couple was having trouble conceiving, would you send him/her to a "fert" clinic???
~Fake William Safire
Posted by guest , Jun 30, 2008 2:17PM
Vanity Fair needs to merge with Lehman to survive.
Posted by Anal_yst , Jun 30, 2008 2:21PM
@ Ham
Couldn't agree more. Already have plans in motion to relocate to the compound in the Caribbean, 'tis a sad, sad day...
Posted by guest , Jun 30, 2008 2:34PM
@2:17 so the new corp will be Vanity Man? Or Lehman Fair - sounds like a British festival...
Posted by guest , Jun 30, 2008 2:38PM
Graydon Carter is a Canadian tool. You should hear him when he gets his wank on about how George Bush is Hitler, Bushcheney McHalliburton he destroyed the Constitution, blah, blah, blah.
Posted by NotNasser , Jun 30, 2008 2:39PM
guest at 12 PM.
They ripped him "a ne wone"?
Is that how they say it in Glasgow?
Posted by guest , Jun 30, 2008 2:39PM
Girl? Your "entire backend" is down? Oh, girl, you know Smoove B can help with that!
Smoove B
Onion Columnist
Posted by guest , Jun 30, 2008 2:45PM
whos the anchor on street signs right now, never seen her before
Posted by guest , Jun 30, 2008 2:46PM
No new articles in 3 hours?? Who died?
Posted by guest , Jun 30, 2008 2:48PM
Bess is staging a FREE EPSTEIN protest.
topless of course.
Posted by Anal_yst , Jun 30, 2008 2:52PM
@ 2:46
As Bess pointed out, their ability to publish has been hampered by the cyber-cunning of hacker mastermind Pandit
Posted by guest , Jun 30, 2008 3:00PM
@bess okay, thanks for following up I was really concerned, I do rely on Dealbreaker as my primary source for smut and I appreciate how traumatic this must be for you as well
Posted by guest , Jun 30, 2008 3:02PM
FREE RALPH!
Posted by guest , Jun 30, 2008 3:02PM
LEH is the new BSC, stock is tanking! I never knew one LEH person I liked, bunch of arrogant jerkoffs, however doesnt mean I wanna see the firm go under. I want them to suffer their own private hell.
Posted by guest , Jun 30, 2008 3:05PM
@2:48 I raise Jr in honor of Bess doing that.
Posted by guest , Jun 30, 2008 3:10PM
a day without the Breaker.
youporn clicks up 300%
hurry back. we miss you.
-retail
Posted by guest , Jun 30, 2008 3:14PM
I heard that is was mayo that brought Bear Stearns down. The cafeteria ran out and people panicked.
Posted by guest , Jun 30, 2008 3:16PM
so did the Carner go home already? or is he just on extended lunch at the P-cat?
Posted by guest , Jun 30, 2008 3:20PM
Where's mommy (Bess). I need some attention.
Posted by FUNdamental , Jun 30, 2008 3:21PM
They found Steve Israel hiding in the "back-end" which has now been down all day!
Free Steve Israel!!!!
(so we can have dealbreaker back)
Posted by FUNdamental , Jun 30, 2008 3:24PM
@FUN - and by steve, i mean sam. You know not the democrat from NY, but the hedge fund manager who killed himself. oops.
Posted by guest , Jun 30, 2008 3:26PM
Dick Fuld doesnt make money, he prints it.
Posted by guest , Jun 30, 2008 3:30PM
What were all the feet guys up to this weekend?
Posted by guest , Jun 30, 2008 3:31PM
The biggest question right now, though, is: Where is Erin Burnett? Gone for the whole week? Is she finally getting breast augmentation? I like this Aussie babe Amanda Drury.
Posted by guest , Jun 30, 2008 3:37PM
As long as you don't look at her face.
Posted by Anal_yst , Jun 30, 2008 3:49PM
amanda drury = love (or something kinda, but not really close to it)
Posted by guest , Jun 30, 2008 4:28PM
Amanda loves mayo
Posted by guest , Jul 01, 2008 2:01AM
The unfortunate reality of the CNBC impact on Bear is simple- Gasbagarumor. The guy milked Jimmy Cayne for years and then turned on him like he does all of his sources. They name Russell Sherman in the Vanity Fair article. Just ask Russell or his boss Elizabeth Ventura what they think of Gasbagarumor - the dumbest human being on television. The nicest thing they will call him is snake, scumbag, liar, moron and so on. They also make a very good point. Gasbag makes stories up for his own self promotion and frequently leaves out both sides of the story for his own personal benefit. He is as stupid as he is inarticulate and every pr person in the industry refuses to deal with the thug. Ditto for their bosses. In fact, Cayne, Thain, Mack, Diamon.....Blankfein, Niederauer,Dougan,.....think he is the scum of the earth and will fire any of their people who have anything to do with him. In fact, a number of industry folks have learned that lesson the hard way. You're FIRED! Are you listening Mike Mayo????
Posted by guest , Jul 01, 2008 8:11AM
im not sure that's true