Charlie Munger, too. Read more »
Cinco de Mayo
If you’re going to run up a 6-figure bar tab, consider getting serious and not tuckering yourself out before midnight, failing to break $200k. Read more »
Live-Blogging Cruel And Unusual Punishment: Cayne Dragged Before Meaningless Hearing On Second Favorite Day Of The YearBy Bess Levin
12:12 This thing is set to get underway in a few minutes. While we wait, I have a ton of items on the “wish-list” but beyond the obvious, I really, really want him to act like a stoned 17 year old who just got busted. “I know my rights, man.” “I’ve read the constitution.”
12:30: Alan Schwartz maintains that Bear was awash– nay, drowning– in liquidity days before it went down for the dirt nap.
12:32: Jim concedes, “in retrospect, in hindsight, leverage was a bit too high.”
12:41: Angelides: Could you have done anything to prevent that weekend in March?
Cayne: Nothing. There was nothing that could have been done. We were taken down by hedge funds. Bear Stearns [and these words seriously just exited JC's mouth] “was a big fat goose walking down the lane that’s about to be eaten up by competitors.”
Angelides: You were in Detroit that weekend, right? At a bridge tournament?
Cayne: That’s correct. Read more »