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Posts Tagged ‘Jimmy Cayne’

Jimmy Cayne: A Man of Very Few Words

Posted by Larry Doyle on May 5th, 2010 2:05 PM |

Jimmy Cayne, Former CEO of Bear Stearns

I am currently watching the Financial Crisis Inquiry Commission’s questioning of former Bear Stearns executives Jimmy Cayne and Alan Schwartz. In their opening statements, both Cayne and Schwartz deflected their managerial responsibilities as reasons for the firm’s demise.

Although I have long held out Jimmy Cayne as an exceptionally arrogant and greedy individual, his current performance evokes a range of emotions on my part. On one hand, I see Cayne as somewhat disinterested. On the other hand, I actually feel a tad sympathetic for Jimmy Cayne as he comes across as a frail, almost broken man. His abbreviated answers connote a lack of full understanding and control of the issues.

(more…)

Tags: Alan Schwartz, FCIC questions Bear Stearns execs May 5 2010, Jimmy Cayne
Posted in Bear Stearns | 2 Comments »

FCIC Should Ask Bear Stearns Execs About EMC Mortgage

Posted by Larry Doyle on May 5th, 2010 12:04 PM |

Will America ever truly learn the full extent of fraudulently underwritten mortgages that lie at the foundation of our overall economic crisis?

Aside from a less than fully transparent hearing with executives from Washington Mutual, the Financial Crisis Inquiry Commission (FCIC) has not drilled down to fully expose the fraud within these mortgages. Former bank regulator William K. Black recently highlighted the pervasive nature of this fraud in an interview with Bill Moyers.

Why doesn’t the FCIC dig deeper to reveal which firms were involved with this activity? (more…)

Tags: Alan Schwartz, Aurora Loan Services, Bear Stearns management, EMC Mortgage, FCIC questions Bear execs, Jimmy Cayne, Warren Spector
Posted in Bear Stearns, General | 5 Comments »

Sense on Cents 2009 Halls of Fame and Shame

Posted by Larry Doyle on January 4th, 2010 9:47 AM |

For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.

Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .

Sense on Cents 2009 Hall of Shame Inductees

1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)

Tags: Acorn, Allen Stanford, Andrew Madoff, Angelo Haligiannis Ponzi scheme, Arianna Huffington, auction rate securites dealers, Bank Stress Tests, Barack Obama, Barney Frank, Ben Nelson, Bernie Madoff, Board of FINRA, Bob Rodriguez of FPA, Bruce Malkenhorst, Canadian Prime Minister Stephen Harper, Carmen Reinhart, cash for clunkers, Charles Bowsher, Charlie Doyle, Chris Cox, Chris Dodd, Chuck Schumer, Clifford S. Asness, Cohmad Securities, Colonel Elton Johnson Jr., Congress, Daniel Hannan, Dennis Kucinich, Dick Fuld, Edward Liddy, Elizabeth Warren, Erin Arvedlund, financial media, financial regulatory reform, Frank DiPascali, Franklin Raines and Leland Brendsel, George Soros, Goldman Sachs, Harvey Pitt, Helen Davis Chaitman, Helmut Kiener, Howard Kastel, incest between Wall Street and Washington, Jeff Gundlach, Jeffrey Picower, Jimmy Cayne, Joe Saluzzi, Joe the Plumber, John Edwards Mark Sanford Rod Blagoevich, John Mauldin, john wooden, Jonathan Cuneo, Jonathan Weil of Bloomberg, Judge Jed Rakoff, Judge Lawrence McKenna, Kenneth Rogoff, Larry Johnson, Larry Summers, Laurie Goodman of Amherst Securities, Lew Rockwell, Lloyd Blankfein CEO of Goldman Sachs, Madoff family, Mark Madoff, Marta Mossburg, Martin Feldstein, Mary Landrieu, Mary Schapiro, media in America, Mike Duggan of Domus, Nicholas Cosmo of Agape World, Oppenheimer Holdings E-Trade Schwab Pimco Van-Kampen Blackrock, Paul Keating, Paul Volcker, Pete Peterson Genevievette Walker-Lightfoot, Peter King, Peter Madoff, Peter Weinberg, Phil Trupp, PPIP, Raj Rajaratnam of Galleon Group, Rham Emanuel, Richard Greenfield, Richard Ketchum, Robert Benmosche, Robert Jaffe, Robert reich, Robert Rubin, Ronnie Sue Ambrosino, Ruth Madoff, Sean D'Arcy, SEC, Sense on Cents 2009 Hall of Fame Hall of, Sense on Cents 2009 Hall of Shame, Shana Madoff, Shelia Bair, Sin-Ming Shaw, SIPC, Sonny and Marcia Cohn, Steven Rattner, Susan Antilla of Bloomberg, Taylor Bean Whitaker, Tea parties, Thaddeus McCotter, The Wall Street Journal, Themis Trading, Thomas Hoenig, Tiger Woods, Tim Geithner tax cheat, Tom Lauria, truth transparency and integrity, Wall street management, Walter Noel, William K. Black
Posted in General, Sense on Cents | 31 Comments »

Lessons from Bear Stearns

Posted by Larry Doyle on March 16th, 2009 10:37 AM |

It was one year ago that the Federal Reserve and Treasury delivered Bear Stearns into the hands of JP Morgan for $2 a share. Bear Stearns stock had traded above $170 a share in 2006. With the passage of time, what are some of the lessons learned and what questions remain unanswered.

1. Although Bear Stearns employees and shareholders may not qualify a price of $2 a share (revised to $10 a few weeks later) as being saved, would the financial system have been better off letting Bear totally fail? Why? If Bear had failed, many people do not believe we would have had the breakdowns in our financial systems that occurred because of Lehman’s failure.

2. Did Dick Fuld, CEO of Lehman, assume that the Fed and Treasury would save Lehman much as they did Bear? Was he less aggressive in pursuing increased capital injections during the Summer 2008 as a result? Many people believe this to be the case. (more…)

Tags: Ace greenberg, AIG, Bear Stearns, bear Stearns Asset Management, Dick Fuld, EMC Mortgage, Federal Reserve, Hank Paulson, Jamie Dimon, Jimmy Cayne, JP Morgan, Julius caesar, Lehman Bros, Matthew Tannin, Moral Hazard, Ralph Cioffi, Tim Geithner, Treasury, Wall Street Journal, Warren Spector
Posted in Jamie Dimon, JP Morgan, Risk, Wall Street | 2 Comments »