• 02 Jul 2008 at 9:21 AM

Comebacks: Rich Marin, Bear Stearns Asset Management

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]

12 comments (hidden to protect delicate sensibilities)
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Comments (12)

  1. Posted by guest | July 2, 2008 at 9:42 AM

    Just another club for the NYC elite to be a part of..I like it!

  2. Posted by guest | July 2, 2008 at 9:43 AM

    Seems like a flaky business. Is there really a need for this kind of thing?

  3. Posted by guest | July 2, 2008 at 10:03 AM

    @ 9:43, sometimes AM’s just really need to be held.

  4. Posted by cauxion | July 2, 2008 at 10:03 AM

    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!

  5. Posted by guest | July 2, 2008 at 10:14 AM

    SAC and Citadel are already holding meetings on the best way to destroy this “network.”

  6. Posted by EricM | July 2, 2008 at 11:20 AM
  7. Posted by guest | July 2, 2008 at 11:32 AM

    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

  8. Posted by BlackSwan06 | July 2, 2008 at 12:35 PM

    @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.

  9. Posted by guest | July 2, 2008 at 1:51 PM

    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.

  10. Posted by desertsister | July 13, 2008 at 8:00 PM

    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!

  11. Posted by guest | July 5, 2009 at 9:58 AM

    For trading! let us wait and watch how your idea works. Hoping for the best.

  12. Posted by Bristol Airport Hotels | April 19, 2012 at 1:12 AM

    TvU0S8 Say, you got a nice blog.Much thanks again. Fantastic.