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CITIC Confirms Talks With Bear For More Shares Of Worthless Stock

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Nobody takes the Chinese for a ride! Those rumors that China’s top brokerage is trying to renegotiate the terms of its billion dollar Bear deal on account of—how to put this—Bear’s stock price tumbling down to less than what Jimmy Cayne spends on chips are apparently true. Kong Dan, chairman of CITIC told reporters today that while he and his people would love to just bag the whole thing and pretend it never happened, that doesn’t seem to be in the cards. Instead, they will indeed attempt to get a little more out of the deal, besides the shame of associating with Bear Stearns, of which they have more than their fair share. BSC did not return calls for comment, presumably because strategically, they don’t want to accidentally say anything that could, in CEO Alan Schwartz’s words “mess this thing up,” and logistically, because they couldn’t get the money together to pay the phone bill this month. In related news, I continue to get the feeling Credit Suisse doesn't want a piece of that.
CITIC Says In Talks to Revise Bear Stearns Deal [Reuters]