Bear Stearns Collapse Hurting Midtown Bars

Author:
Publish date:

The usual midtown haunts of Bear Stearns “worker bees” are a little haunted these days. It’s easier to get a pint of Guinness during happy hour at Maggie's Place, but Fiona and Nick seem a little lonelier. It seems the collapse of Bear has depressed not only Jimmy Cayne’s net worth but the libational spirits of his underlings as well.
Spencer Morgan of the New York Observer infiltrated Connolly’s, the forty-seventh street Irish bar that plays home to Black 47 on Saturday nights and once hosted a lot of Bear Stearns regulars.

“On an average night there would be between 20 and 30 Bear guys,” said a 23-year-old Bear man we’ll call Tommy. He works on the investment banking side and has been a Connolly’s regular since he started at Bear a year ago. He said that on Friday, March 14, when it was pretty clear that the bank was heading south, and fast, more than 100 Bear employees, mostly men, gathered among the mahogany, rich leather and lighted green clover leaves of the bar.
“Bear! Bear! Bear!” they chanted as they downed their shots, recalled the young man. “Everyone was trying to keep hope alive.”
“They’re coming less, these last weeks,” said the compact bartender in an Irish brogue Monday night, when the Bear stock was being valued at between $4 and $10, depending on the appetite of JPMorgan. The figure was being displayed on several flat screens tuned in to CNBC’s Kudlow & Company. “I think a lot of them are nervous now. It’s a sad thing; a lot of them are older guys with retirement plans, and now this, you know?”

Bear Naked Gentlemen [Observer]

Related