A pair of BSAM’s most successful hedge funds were run by Ralph Cioffi, one of the firm’s top traders, and Matthew Tannin. The funds traded in the kinds of exotic assets Mr. Marin and Bear Stearns were experts in, collateralized debt obligations. When the housing market on which these bundles of mortgages were based seized up, the funds tanked and Bear Stearns had to spend $3.2 billion bailing them out, the second-largest intervention in Wall Street history (though it would pale in comparison to what was coming). When asked about these events, and how Mr. Marin comported himself, Mr. Schwartz was insistent. “I do not want to talk about that,” he said from his car Tuesday morning, on the way to a meeting. “If you want to talk about the ferris wheel and Rich, great. Every article doesn’t have to be dredging up what happened at Bear Stearns. Rich is a good guy, a creative guy, a good business man. I don’t want to reminisce about what happened at that time. It’s frankly a disservice to drag it back up.” [NYO]

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Comments (14)

  1. Posted by PermaGuestII | October 4, 2012 at 3:25 PM

    Ferris wheel? Did Marin get negged from a carnival ride for exceeding the weight limit or something?

  2. Posted by guest | October 4, 2012 at 3:37 PM

    No, believe he had too much Big Chief before the ride…THAAAAAA BEST

    – smalls

  3. Posted by guest | October 4, 2012 at 3:44 PM

    Heroes get remembered but legends never die. Follow your heart kid, and you'll never go wrong…

    – The Great Bambino

  4. Posted by Derp | October 4, 2012 at 3:58 PM

    Some lady signed it, Baby Ruth or something…

  5. Posted by Alanay Artzschway | October 4, 2012 at 4:23 PM

    Igpay-Atinlay ailfay

  6. Posted by oucheday | October 4, 2012 at 4:25 PM

    ouyay ootay, AlanWay Artzschway.

  7. Posted by Uestgay | October 4, 2012 at 4:32 PM

    Ependsday onay ouryay ariantvay:
    httpay://enay.ikipediaway.orgay/ikiway/Igpay_Atinlay#Ulesray_anday_ariationsvay

  8. Posted by Guest | October 4, 2012 at 4:41 PM

    Worked under Marin at BSAM for around 4 yrs or so. By eliminating big chunks of fee-based businesses & focusing solely on riskier hedge fund strategies he didn't truly understand, and pushing to grow everything very aggressively, he got the outcome he was asking for.

  9. Posted by TheDetailGuy | October 4, 2012 at 4:43 PM

    Ubi prubefuber Ububbubi Dububbubi

  10. Posted by Gene | October 4, 2012 at 5:00 PM

    I'd be doing myself a disservice, and every member of BSAM of we don't build the hell out of this ferris wheel!

  11. Posted by Funny coincidence. | October 4, 2012 at 5:29 PM

    Interestingly, that's also the entire text of Bear Stearns High-Grade Structured Credit Strategies "compliance and risk management manual."

  12. Posted by Jimmy Cayne | October 5, 2012 at 8:59 AM

    Kinda like Schwartz and Guggenheim right now.

  13. Posted by Guest | October 5, 2012 at 10:47 AM

    "I'm not touchy YOU"RE touchy" is an epic tag

  14. Posted by cheap bookmarking service | October 8, 2012 at 4:46 PM

    NcwKAl I truly appreciate this blog article. Really Cool.