What do you have against bears?
Yeah, @3. Especially stern bears. I know I saw an ad around here somewhere for one...
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.
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.
He might just have to sell of one or two of his cubs to make ends meet.
"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?
Thank you, Bison, for pointing out the trouble with Bears.
I love the Internet.
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!
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.
In Soviet Union, system rapes YOU!
@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.
Please delete comments 1-4.
Reason: Off Topic
Theres nothing to like about the entire Stearns situation.
@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.
aaaaaaaaaaaaw, poor thing. I feel sorry for rich people when they only get $61,000,000.00 instead of $1,000,000,000.00.
@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.
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.
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