Comments on: Rescue for Bear or Bailout for JP Morgan? http://blog.robertsalomon.com/2008/03/18/rescue-for-bear-or-bailout-for-jp-morgan/ Sat, 06 Mar 2010 19:47:14 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: WILFRED MAYNARD http://blog.robertsalomon.com/2008/03/18/rescue-for-bear-or-bailout-for-jp-morgan/comment-page-1/#comment-288 WILFRED MAYNARD Tue, 06 May 2008 18:09:59 +0000 http://blog.robertsalomon.com/2008/03/18/rescue-for-bear-or-bailout-for-jp-morgan/#comment-288 WELL SOME BUSINESSES ,GOV'T RESELLERS,GENERAL AMERICA PAY THE BILL AGAIN,AND GET SMALL REFUNDS $300-$600 DOLLARS.I CALL IT THE GREAT BANK ROBBER WITH ONE SOMEONE KNEW ABOUT 911 AND THE FIRST BROKERS TO GET WIPE OUT NOW JAMIE DIAMOND FRIENDS AND BLACKSTONE OR FEDS .NOTICES SOON AS YOU SAY HEDGE FUNDS ARE DOING GOOD GOV'T WANTS TO CRUSH THEM.LIKE THE MAFIA GOV'T SAYING THERE NOT BIGGER OR BETTER AT THIS THEM US.IT'S THE AMERICAN WAY ,CAN'T FIGURE WHY GAS IS HIGH,OR ALMOST TRILLION FOR IRAG ,AND THE FUNNY ONE THEY BUYING BOEING NOT STEALING THEM ,GUESS WILL NOT HAVE TO PAY FOR FLYING LESSONS IT COMES WITH THE PLANES. THE LAST WHO RUNNING FOR WHAT ,IF THE REAL TAAXPAYER FIND OUT THEY WILL BE RUNNING,NO MATTER SHO GET ELECTED WELL SOME BUSINESSES ,GOV’T RESELLERS,GENERAL AMERICA PAY THE BILL AGAIN,AND GET SMALL REFUNDS $300-$600 DOLLARS.I CALL IT THE GREAT BANK ROBBER WITH ONE SOMEONE KNEW ABOUT 911 AND THE FIRST BROKERS TO GET WIPE OUT NOW JAMIE DIAMOND FRIENDS AND BLACKSTONE OR FEDS .NOTICES SOON AS YOU SAY HEDGE FUNDS ARE DOING GOOD GOV’T WANTS TO CRUSH THEM.LIKE THE MAFIA GOV’T SAYING THERE NOT BIGGER OR BETTER AT THIS THEM US.IT’S THE AMERICAN WAY ,CAN’T FIGURE WHY GAS IS HIGH,OR ALMOST TRILLION FOR IRAG ,AND THE FUNNY ONE THEY BUYING BOEING NOT STEALING THEM ,GUESS WILL NOT HAVE TO PAY FOR FLYING LESSONS IT COMES WITH THE PLANES. THE LAST WHO RUNNING FOR WHAT ,IF THE REAL TAAXPAYER FIND OUT THEY WILL BE RUNNING,NO MATTER SHO GET ELECTED

]]> By: The View from Main Street http://blog.robertsalomon.com/2008/03/18/rescue-for-bear-or-bailout-for-jp-morgan/comment-page-1/#comment-206 The View from Main Street Wed, 19 Mar 2008 12:37:24 +0000 http://blog.robertsalomon.com/2008/03/18/rescue-for-bear-or-bailout-for-jp-morgan/#comment-206 I guess you couldn't have Bear just "fail" overnight. That probably would have created too much panic in the market AND put JP Morgan in trouble. While not just a Bear problem, and not just a "subprime" crisis, how many of the 7 deadly sins did all of these companies commit? Pride? You can bet they were very proud of their models and abilities. Envy? Someone figures out a way to use alchemy to turn BBB toxic waste into AAA CDO's and everyone wants to do it. Who didn't want to be better than the next firm, next guy, next department? Gluttony? Consuming more than one needs - well it was all about excesses, wasn't it? Anger? Figure it out and get it done. How many managers said that in anger followed with the "or we'll find someone who can" Greed? Well, maybe greed isn't so good. It was all about how big the bonus was going to be. How much can I make.... and it was NEVER enough. Sloth? When defined as: apathy and inactivity in the practice of virtue. You bet your ass! Who can think of virtue; of doing the right things; when there is soooooooooo much money involved. Lust? Well maybe not sexually, but having a craving, appetite, or great desire for _____________ (fill in the blank). Yeah, that was there too. Now this is not to slam Bear, but to say those traits were endemic to the system. A system which is in desperate need of change. I guess you couldn’t have Bear just “fail” overnight. That probably would have created too much panic in the market AND put JP Morgan in trouble. While not just a Bear problem, and not just a “subprime” crisis, how many of the 7 deadly sins did all of these companies commit?

Pride? You can bet they were very proud of their models and abilities.

Envy? Someone figures out a way to use alchemy to turn BBB toxic waste into AAA CDO’s and everyone wants to do it. Who didn’t want to be better than the next firm, next guy, next department?

Gluttony? Consuming more than one needs – well it was all about excesses, wasn’t it?

Anger? Figure it out and get it done. How many managers said that in anger followed with the “or we’ll find someone who can”

Greed? Well, maybe greed isn’t so good. It was all about how big the bonus was going to be. How much can I make…. and it was NEVER enough.

Sloth? When defined as: apathy and inactivity in the practice of virtue. You bet your ass! Who can think of virtue; of doing the right things; when there is soooooooooo much money involved.

Lust? Well maybe not sexually, but having a craving, appetite, or great desire for _____________ (fill in the blank). Yeah, that was there too.

Now this is not to slam Bear, but to say those traits were endemic to the system. A system which is in desperate need of change.

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