A senior managing director at Bear Stearns derivatives trading desk has reportedly anonymously authored a book about the bank's demise. The book, called "Bear Trap: The Fall of Bear Stearns and the Panic of 2008,″ was obtained by Fox Business anchor Liz Claman. It tells the story of Bear's demise from the inside, and insists that Treasury Secretary Hank Paulson may have born a grudge against Bear Stearns stemming back from Bear's refusal to playball when Wall Street organized to bail-out Long Term Capital Management. And, of course, it all turns out to have been a plot hatched by Goldman Sachs, which Paulson ran before going to the Treasury department.
It's 350 pages of the minute-by-minute account of those heart-gripping, mind-blowing days in March when suddenly all confidence that was left in the nation's 5th largest brokerage ran for the exits. "Anonymous" makes the case that leaked emails out of Goldman Sachs gave enough people enough information to start heavily shorting the stock to make major money off Bear's demise. Keep in mind that, at the time, Bear was said to still have $17 Billion dollars in cash on the books but the authors say as soon as someone at Goldman pressed "send to all recipients" on one particular email that indicated it would no longer serve as a go-between for investors and Bear, Bear didn't stand a chance.
The book's publisher, an outfit we've never heard of called BrickTower, says it'll reveal the identity of the anonymous on or around September 22nd, when the book will be officially released. (Galley copies for reviewers are said to be circulating today, and you can pre-order the book on Amazon.) But why should we wait until September. It's a summer Friday. Let's start guessing now.
Video of Claman after the jump.
Tell-All Book By 'Anonymous' Places Blame for Killing of 'the Bear' [Fox Biz]
Posted by guest , Aug 01, 2008 1:28PM
Never, never, never use the words "gripping" and "blowing" in the same paragraph when IB's are expected to read that paragraph.
Posted by guest , Aug 01, 2008 1:45PM
Finviz.com shows Thain buying $11 million worth of MER yesterday.
Posted by BSD , Aug 01, 2008 1:49PM
Instead of speculating on who this SMD-cum-shoeshine boy is let's speculate instead on what nicknames Claman has for the twins.
Posted by DrederickTatum , Aug 01, 2008 1:58PM
First they take down LTCM... Then BSC... Man, Goldman must want to run the world.
Posted by guest , Aug 01, 2008 2:21PM
@3 - I would love to do an interview with Claman's twins and find that out for you.
Posted by guest , Aug 01, 2008 2:44PM
I'm liking this story. Who's anonymous? Anyone know? p.s. Liz is hot
Posted by guest , Aug 01, 2008 2:56PM
You guys have weird taste in women.
Posted by guest , Aug 01, 2008 3:07PM
I'm wondering how much it would take to get Liz over to Naked News. Clearly her move to FBN indicates she has a price...
Posted by guest , Aug 01, 2008 4:55PM
I cant see this book giving us anything new that wasnt in Bryan Burrough's Vanity Fair piece
Posted by guest , Aug 01, 2008 5:05PM
some scoop ... total marketing hype http://www.marketwatch.com/news/story/new-book-bear-trap-detailing/story.aspx?guid=%7B5C82BA59-E07D-4AF0-88F4-CF9954F156A3%7D&dist=hppr
Posted by guest , Aug 01, 2008 6:57PM
The “Red Fox” traps the Bear!!
Liz Claman (A.K.A. “Red Fox”) is on a role - she was recently voted Biz Babe of Q3 by the readers of DrunkTrader.com
Well deserved! Perhaps the voters at DrunkTrader appreciate the Red Fox’s combination of brains and beauty!
Claman is certainly wiley like a (red) fox!!
Posted by guest , Aug 01, 2008 7:05PM
Amen on the Red Fox. Enough of the mentally -impaired tv yelling heads. Gimme Liz.
Posted by guest , Aug 02, 2008 12:03PM
Claman was one of the only ones at CNBC besides Faber and Gasbagarino who picked up the phone and worked it. The rest are just talking heads. Don't be shocked if Gasbag and Fabes end up at Fox Bix. Closer to the action.
Posted by guest , Aug 04, 2008 10:03AM
I don't care what Liz Claman reports, I just want to see her on t.v. so I can WATCH. That babe could be giving golf scores and I'd watch.
Posted by guest , Aug 23, 2008 2:19AM
Has anyone obtained or know someone who has a copy of the book, "Bear Trap?"
Posted by guest , Aug 23, 2008 8:00PM
I don't believe it's available until the 22nd of September, at least not according to Amazon.