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]
- 27 Nov 2013 at 1:30 PM
The holiday season is nigh and you still haven’t shopped. While you’re dreaming only of sugar plum fairies bearing fat bonuses, you don’t the time to mingle with the riff raff at some big box nightmare. Dealbreaker is here to help. Behold the 2013 Dealbreaker Holiday Gift Guide, chockfull of descriptors like “custom,” “gourmet,” “housecleaning,” and “DB swag.”
Click through to check out all of our gift choices for the hardcore capitalist in your life.
- Alan Schwartz Has Move On From Bear Stearns And Suggests You Do The Same October 4, 2012
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- Using Yiddish Word For Screwing Only One Of The Many Colorful Ways That Bernie Madoff Made Clear He Was Up To No Good December 6, 2013
- Don't Want To Get On Compliance's Watch List? Consider Not Going On Endlessly About How Ravenous You Are Or How They're Expecting You At Chipotle; One "God Damn It I'm Starving" Or "Need Burrito In Mouth, Stat" Should Suffice December 6, 2013
- Tommy Belesis Will Have To Wait At Least 1 Year Before Threatening To Hit Another Broker With His Car December 5, 2013
- Who Among Us Wouldn't Listen To A Guy Pitch An Investment Involving "Pay-Per-View Programming Starring Carmen Electra" And Proceed To Wire Him $195,000? December 5, 2013
- Christmas Come Early For John Paulson December 6, 2013
- The 2013 Dealbreaker Holiday Gift Guide November 27, 2013
- Write-Offs: 12.06.13 December 6, 2013
- Charlie Gasparino's Gut Tells Him Trouble Is Brewing At Goldman Sachs, Though In Fairness That Could Just Be Last Night's Chinese December 6, 2013
- Executive Editor
- Bess Levin
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