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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- The 2013 Dealbreaker Holiday Gift Guide November 27, 2013
- Swiss Banks Will Not Be Rushed Re: Deciding To Comply With U.S. On Tax Evasion December 5, 2013
- Layoffs Watch '14: Investment Banking December 4, 2013
- Marissa Mayer Is An Enigma, Wrapped In A Michael Kors Dress, Posing Upside Down On A Chaise Lounge December 5, 2013
- Greek-Focused Hedge Fund Doing Okay For Itself 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
- Write-Offs: 12.05.13 December 5, 2013
- Bonus Watch '13: Some Of You Are Going To Be Happy With The Number Your Boss Writes Down And Pushes Across The Table November 13, 2013
- Executive Editor
- Bess Levin
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