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Thursday, March 27, 2008

Justice is Served

posted by on March 27 at 16:20 PM

Bear Stearns CEO sells his shares of Bear Stearns for $61.3 million. I love it when a plan comes together.

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Posted by frederick r | March 27, 2008 4:22 PM


Posted by Mr. Poe | March 27, 2008 4:28 PM

What do you have against bears?

Posted by NapoleonXIV | March 27, 2008 4:34 PM

Yeah, @3. Especially stern bears. I know I saw an ad around here somewhere for one...

Posted by MonkeyNose | March 27, 2008 4:39 PM

How is this bad? He sold them for what they're worth... about $10 each. Had he sold them at $60/share two weeks ago for a $360 million, that would be news.

Posted by John | March 27, 2008 4:47 PM

His shares were worth well over $700 million just a year or so ago. I'm worried about the poor guy trying to make ends meet on his sixty million.

Posted by Bison | March 27, 2008 4:50 PM

He might just have to sell of one or two of his cubs to make ends meet.

Posted by NapoleonXIV | March 27, 2008 4:52 PM

"How is this bad?"

Umm, did you miss the part where this dude lost billions of dollars for his shareholders and helped to seriously injure our entire economy -- and walked away with sixty million?

Posted by Bison | March 27, 2008 4:54 PM

Thank you, Bison, for pointing out the trouble with Bears.

I love the Internet.

Posted by Paul Constant | March 27, 2008 5:08 PM

It's sure a relief to know he'll pay much lower capital gains taxes on his sale thanks to the Bush tax cuts. I'd feel bad if he had to switch from the Hamptons to some shithole like Atlantic City!

Posted by Westside forever | March 27, 2008 5:17 PM

Isn’t it amazing how, in America, people like Bear Stearns’ CEO get the opposite of what they deserve?

In Russia, this dude would have been found floating face down in the Volga with six knives sticking out of his back, and the Russian cops would have called it a suicide.

Posted by Original Andrew | March 27, 2008 5:18 PM

In Soviet Union, system rapes YOU!

Posted by NapoleonXIV | March 27, 2008 5:24 PM

@8: So he sold shares that were worth $700M for $60M, that’s a loss (fine, penalty call it what you will) of $640M… I think he’s paid more for what “he did” to his shareholders and the economy than Bill Clinton ever will for having signed into law the bill that deregulated that sector of the financial markets and made what “he did” not only possible but legal in the first place.

Posted by You_Gotta_Be_Kidding_Me | March 27, 2008 6:04 PM

Please delete comments 1-4.

Reason: Off Topic

Posted by ecce homo | March 27, 2008 6:29 PM

Theres nothing to like about the entire Stearns situation.

Posted by Bellevue Ave | March 27, 2008 8:03 PM

@6 - don't worry, his year end bonus was more than you'll make in your lifetime - and most of that was in cash - check out the Edgar filings on SEC.

Posted by Will in Seattle | March 28, 2008 8:49 AM

aaaaaaaaaaaaw, poor thing. I feel sorry for rich people when they only get $61,000,000.00 instead of $1,000,000,000.00.

Posted by monkey | March 28, 2008 9:09 AM

@13. he didn't lose that money because he didn't earn that money. it's a bailout. what they did was not illegal, but should have resulted in bankruptcy around $2 a share, not $10 a share. the gov (us the taxpayers) are guaranteeing the value of the risky "assets" to a tune of $29 billion making a $10 share sale possible. it stinks. he wasn't punished enough for the bad choices he allowed.

Posted by infrequent | March 28, 2008 10:58 AM

not to mention that risks are by nature risky. but if there is no loss, then there is no risk.

and were this a fine, then that would be over $600 million put to the gov, $600 mill that disappeared with bad investments.

Posted by infrequent | March 28, 2008 1:32 PM

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