Monday, March 17, 2008

Bear Naked Stearns

Bear Stearns is the second largest underwriter of mortgage-backed securities after Lehman Bros.

James E Cayne, CEO of Bear Stearns, made $38.31M last year.
He retired in January.
His retirement package was estimated in late February to be worth $560M...
although it's probably worth somewhat less now since Bear Stearns was bought out by the Federal Reserve Bank and JP Morgan this weekend to prevent it from going into bankruptcy.

I ran this in January but here it is, now even more hideously relevant, again :
How the markets really work
"An unemployed black man sitting on a crumbling porch somewhere in Alabama in his string vest" is one of over 2 million people in the US who had their mortgages foreclosed last year.

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