Not all bad news out of Bear Stearns University! BusinessWeek's Matthew Goldstein reports that BSC alum Richard Marin's got a new job. Marin, the former chairman of BS Asset Mangement, recently unleashed Pointwalk Solutions Network on the world.
PSN is a support group for "senior executives in the financial services space," where they can discuss whatever's on their minds in a non-judgmental setting. Building upon the "very instructive lessons" Marin learned last summer while watching the two ridiculously-named hedge funds he was in charge of go under, Pointwalk's first initiative is a networking group for hedge fund chief operating officers. In this safe space, they'll have the opportunity to trade information and share thoughts on stuff like "operational risk," asset "valuation," and any other topics of their choosing. For instance, the importance of having statements ready to fire at random for why your side-gig as a movie reviewer is actually adding, and not subtracting, value, in spite of evidence to the contrary. Future speakers, one hopes, are slated to include Marin's former colleagues Ralph Cioffi and Matthew Tannin, provided such appearances don't violate the terms of their bail.
A Bear executive's Wall Street comeback [BusinessWeek]
Posted by guest , Jul 02, 2008 9:42AM
Just another club for the NYC elite to be a part of..I like it!
Posted by guest , Jul 02, 2008 9:43AM
Seems like a flaky business. Is there really a need for this kind of thing?
Posted by guest , Jul 02, 2008 10:03AM
@ 9:43, sometimes AM's just really need to be held.
Posted by cauxion , Jul 02, 2008 10:03AM
Let's take bets on how long this new venture will stay in business...
I got $2 (lol) that says this business fails by the first quarter of '09!
Posted by guest , Jul 02, 2008 10:14AM
SAC and Citadel are already holding meetings on the best way to destroy this "network."
Posted by EricM , Jul 02, 2008 11:20AM
http://pointwalk.com/
Posted by guest , Jul 02, 2008 11:32AM
Rich Marin should be indicted along with Messrs Cioffi and Tannin. A complete lack of risk management and outright fraudulent information given to investors was widespread at BSAM, not limited to the Cioffi funds. As a former employee of Bear Stearns Asset Management, I can verify that Mr Marin will be inducted to the new venture that I am working on: Incompetent CEO Hall of Fame
Posted by BlackSwan06 , Jul 02, 2008 12:35PM
@11:32 - I fully agree. There's no possible way he could be sufficiently ignorant (unless he was either brain-dead/high/all of the above) to be unable to play connect-the-information-dots to determine that risk management had become a joke and that misrepresentation of information passed to investors was institutionalized. Though I never worked over yonder, it's impossible that someone in his position didn't "know enough" to be indicted along with Cioffi and Tannin.
Posted by guest , Jul 02, 2008 1:51PM
He has teamed up with the former COO of BSAM and Neil Allen, who was fired from DLJ back in 98 when the prop trading group he ran blew up. Hard to find this kind of talent. Cant wait for the IPO so I can short it 30 times levered.
Posted by desertsister , Jul 13, 2008 8:00PM
This is a very interesting group that appears more like a club than a service that will help support former COO -- CFO -- CEO or whatever executives that are in denial about their ethics or lack there of.
My suggestion is you call it what it is.
Either a counseling service for the Wall Street "Few" who got caught or managed to mis-manage until exposed.....or an elite financial club where they can talk about what they shoulda or coulda done regarding the fleecing of America!
Posted by guest , Jul 05, 2009 9:58AM
For trading! let us wait and watch how your idea works. Hoping for the best.
http://www.tradeyourasset.com