Bear Stearns fell $27 on Friday to close @ $30 and worth $2 tomorrow.

[draggar]

I lost over 2 years savings on flagtelecom, I got the shares for my kid and I rode it all the way down to 0.0. Every sign was great and the CEO said it was going great, and that they would hit profit early even. Even when the CEO said they was filing BK, he made it sound like it would help our stock, most of us done the research, indeed flagtelecom was not in need of going BK at all.

It's the game executives play with out money. They didn't want the stock to plummet faster so they said these lies making all of their faithful employees lose out on thousands of dollars.

I know one person who's lost over $600,000 in stock in my company because of these games. His 401K is tiny now.

 

[Poker]

I lost over 2 years savings on flagtelecom, I got the shares for my kid and I rode it all the way down to 0.0. Every sign was great and the CEO said it was going great...

Charts don't lie and the charts for that co were obviously in a downtrend as the CEO did his cheerleading all the way down. Ceo's lie, analysts lie, financial gurus on tv lie...anyone with a vested interest in the stock lies to protect their own postion, but Charts tell the story as it is, actually before it is...did I mention charts

 

[Gerry]

Cook the books...

One of the corporations I am contracted with bought a hospital that was supposedly in the black.

Turns out they were $25 mil in debt. So instead of paying $60 mil, they ended up with $25mil in the hole starting out.

Deceptive practices are still going on.

That is why some CEO, COO, CFO types are being led away in handcuffs and serving prison sentences.

Think Enron, WorldCom, HealthSouth.

 

[tonyfloyd]

If it helps you feel any better there was no way to anticipate on Friday that Mon would be so ugly for BSC (unless you were in on top level inside info)...it would have been reasonable to sell on Fri but going short after fri morning would have been pretty risky as a much larger offer could have come in over the weekend...

????...what "much larger offer" was gonna come in over the weekend when every hedge fund/client was pulling their $$$ out of BSC on Friday???.....and when the big guys are pulling their $$$ out and my contacts are telling me they are "DONE"........not that risky of a play IMO...

 

[Poker]

????...what "much larger offer" was gonna come in over the weekend when every hedge fund/client was pulling their $$$ out of BSC on Friday???.....and when the big guys are pulling their $$$ out and my contacts are telling me they are "DONE"........not that risky of a play IMO...

Speaking as an outsider for outsiders, if you have inside info that you know is coming from those in the know, that's a whole different story, especially if you get caught because you trade too large on it

 

[tonyfloyd]

Speaking as an outsider for outsiders, if you have inside info that you know is coming from those in the know, that's a whole different story, especially if you get caught because you trade too large on it

it was all over the street that BSC clients were pulling their $$ out on Friday.....maybe u west coast guys are still asleep by the time the news gets out there..............and to get "caught"....u need to be doing something illegal...

 

[Poker]

it was all over the street that BSC clients were pulling their $$ out on Friday.....maybe u west coast guys are still asleep by the time the news gets out there..............and to get "caught"....u need to be doing something illegal...

It's illegal to trade on inside information.

People pulling their money out does not mean there won't be offers coming in. Traders are all about sell first ask questions later, the smart ones anyway

 

[JMJ]

"The fundamentals of our economy is strong" G.W.B. I always thought the financial institutions, you know the ones that handle our money, were a fundamental part of our economy. While the shit was hitting the fan GWB was saying all was great. Now that the shit is splattered all over the wall he's saying there's a bump in the road. I hate to think what that means. I guess we might as well consider our retirement going into the stock market now since were buying out the very institutions that handle them. So much for the Social Security personal retirement accounts. We can just call it buy out the rich with our taxes and decrease their taxes. Welcome to the results of a republican lead government. Brings a new meaning to Robin Hood, their robbing the hood.

 

[draggar]

It's illegal to trade on inside information.

But it is done so often with well timed corporate announcements. So many times I've seen corporations release 2-3 bad reports pushing the stock down only to have great news right around the corner (to have the stock shoot up).

The Yahoo news earlier in the year opened a lot of eyes to this. First, they posted the layoffs which pushed the stock down, then a few weeks later MS announced they wanted to purchase Yahoo at $31 a share (roughly $12 over the previous close). Things like this do not come out of the blue. They are planned in 3rd party venues (behind several closed doors) with people on both sides. Yahoo knew damn well that MS was interested in purchasing them and the layoff news was a little too coincidental. If you're telling me there wasn't a lot of insider trading going on between MS and Yahoo executives then you are very naive.

My own company did this for years with our previous president. Bad news, bad news, GREAT NEWS! Hey, that worked, let's try it again! Bad news, bad news, GREAT NEWS!!! This guy drove the company into the ground and got fired with a "bonus package" worth 2-3X his annual salary (must be nice to be "fired" that way).

These people are also very rich (the rich get richer?) while squashing the hard workers under their feet. They can afford good lawyers so no one really goes after them. Sure, they went after Martha Stewart for as little as she got (relatively speaking) which scared a lot of people out of doing this, but it is still going on.

Add in the fact that these corporations are pretty much running our country now we can rest assured that less and less will be done about it.

The past few years have given me a very nasty outlook and opinion on "big corporations" and how they mess with out lives and our money. No, not all are like this but a lot of them are.

 

[Poker]

"The fundamentals of our economy is strong" G.W.B. I always thought the financial institutions, you know the ones that handle our money, were a fundamental part of our economy. While the shit was hitting the fan GWB was saying all was great. Now that the shit is splattered all over the wall he's saying there's a bump in the road.

They keep making similar statements about the war in Iraq.
With the Markets they will cheerlead all the way down until the recession is over or until they are literally backed against the wall and are forced to admit it.

Now where have I seen Bush cheerleading before, oh yeah:
<img src="http://www.magpo.blogs.com/davesblog/images/bush_cheerleader.jpg" alt="" border="0">

 

[Gerry]

Poker, if you look at your first post, this information was on the street and a done deal on Friday, Saturday it was sealed, and it was after hours trading that brought it down.

So there was really no insider information, per se, with a phone conversation with Tony and his bud. Bear Stearns stock plummeted on Friday and continued.

The insider info was the CEO knowing that the world was about to crash but falsely gave hope and a positive outlook to artificially inflate the stock price.

If shares were sold en masse by the board and large stock holders at that peak, then there is the insider trading and the illegal activity.

I would imagine that it was a pretty shitty weekend for those employees of Bear Stearns who had to go home from work on Friday and wonder all weekend what in the hell just happened.

"The fundamentals of our economy is strong" G.W.B.

He said today at a speech that
the long term outlook for the us economy was good.

I don't think he defined what he meant when he said "long term".

I took it to mean "when I am out of office..."

 

[tonyfloyd]

Weapons of Mass Destruction.....that's insider info...

 

[tas38]

( He said today at a speech that the long term outlook for the us economy was good. )

It is looking veryyyy good for him and his big oil, and his other rich buddy's now that they bleed the markets. The republicans kept the markets down for many years, but now they still think give to the rich. And the rich will give back to the poor and middle class, drip down markets is what they believe in.

 

[Poker]

Poker, if you look at your first post, this information was on the street and a done deal on Friday, Saturday it was sealed, and it was after hours trading that brought it down.
So there was really no insider information, per se, with a phone conversation with Tony and his bud. Bear Stearns stock plummeted on Friday and continued.
The insider info was the CEO knowing that the world was about to crash but falsely gave hope and a positive outlook to artificially inflate the stock price.
If shares were sold en masse by the board and large stock holders at that peak, then there is the insider trading and the illegal activity.

Alright this is getting confusing, I was just backing up my previous statement to jasdon11 saying that for the normal person on main street there was no way to anticipate on Friday that Mon would be so ugly for BSC and that it would have been reasonable to sell on Fri but going short fri afternoon or at the close would have been pretty risky as a much larger offer could have come in over the weekend and caused the stock to rally against you. I'm not saying Tony had inside info, if he or anyone else did I wouldn't blame them for trading on it, but main street doesn't have it and that's who I'm talking about...also the JP deal was not completed on Fri, everything I've heard points to the deal not coming to fruition until Sunday....alright time for a beer

 

[Gerry]

Alright this is getting confusing, I was just backing up my previous statement to jasdon11 saying that for the normal person on main street there was no way to anticipate on Friday that Mon would be so ugly for BSC and that it would have been reasonable to sell on Fri but going short fri afternoon or at the close would have been pretty risky as a much larger offer could have come in over the weekend and caused the stock to rally against you. I'm not saying Tony had inside info, if he or anyone else did I wouldn't blame them for trading on it, but main street doesn't have it and that's who I'm talking about...also the JP deal was not completed on Fri, everything I've heard points to the deal not coming to fruition until Sunday....alright time for a beer

You're right...confusing.

The deal, from what I understand, was in the works perhaps as early as Thursday or Friday. NPR had a pretty detailed piece on this. The most peculiar part of all of this was the Fed's involvement for brokering the deal.

Something must have triggered the sell off on Friday that continued into the after hours trading.

The Fed got involved primarily because IF the company became solvent without any intervention at all, then it would have been gave over for one of the largest lenders to collapse.

From what I have been able to piece together, the Fed got involved at the request of JP Morgan to back this deal. And the Fed consented to guarantee the transaction at the expense of the taxpayer.

There has been quite a bit of talk about how wrong this whole deal was and why no one else was brought in to assist, aide, merge, broker, or buy the notes. The Fed, of course, is saying it had to move swiftly. Meanwhile, many analyst are scratching their head saying, "how the hell can you put a price tag of $230 million on the entire company when their headquarters building in downtown Manhattan is worth 3 to 4 times that?"

A floor trader, a secretary, a janitor...perhaps 99%+ of those more than 14,000 employees had no idea that their floor was about to fall out from underneath them.

I have no doubt that there will be congressional and SEC hearings on this matter. I think we, as taxpayers, have a right to know what, who, when and why. You can keep my 1 share of Bear Stearns. I just want to know why this whole matter went down this way.

 

[Poker]

Here's good old Jim I can't pick stocks to save my life Cramer spouting about Bear Stearns on 3/11/08:

http://www.youtube.com/watch?v=gUkbdjetlY8

 

[Gerry]

Was he saying, "no, no, no...don't buy mobi."?

Glad I never listened to him.

What I want to know is this...

Last week, three CEO's from mortgage companies, all looking damn good and nice and tan, appeared before the senate.

One of them was the CEO of CountryWide. Bank of America loaned them $2billion dollars to keep them afloat. When that did not work, Bank of America bought CountryWide for $4 billion.

First, I imagine BofA is kicking themselves in the *** considering the firesale price of Bear.

But how much was this CEO paid to run this company into the ground?

 

[Poker]

Was he saying, "no, no, no...don't buy mobi."?

Glad I never listened to him.

What I want to know is this...

Last week, three CEO's from mortgage companies, all looking damn good and nice and tan, appeared before the senate.

One of them was the CEO of CountryWide. Bank of America loaned them $2billion dollars to keep them afloat. When that did not work, Bank of America bought CountryWide for $4 billion.

First, I imagine BofA is kicking themselves in the *** considering the firesale price of Bear.

But how much was this CEO paid to run this company into the ground?

Doc, sounded more like "no, no, no...don't take your money out of .mobi !"...LOL

The really tan CEO was the CEO of CountryWide (Mozilo), yeah he took a lot of money out and Bank of America was essentially averaging down when they decided to buy CountryWide because they already had a substantial position in the company and their cost basis was under water big time due to CountryWide getting slammed so hard by credit crises. Little doubt CountryWide would have gone bankrupt if BofA didnt decide to try to salvage their investment...

 

[Gerry]

Doc, sounded more like "no, no, no...don't take your money out of .mobi !"...LOL

The really tan CEO was the CEO of CountryWide (Mozilo), yeah he took a lot of money out and Bank of America was essentially averaging down when they decided to buy CountryWide because they already had a substantial position in the company and their cost basis was under water big time due to CountryWide getting slammed so hard by credit crises. Little doubt CountryWide would have gone bankrupt if BofA didnt decide to try to salvage their investment...

I am aware of all of this play on their investment and what they had at stake. I just have not seen anything published on what this bozo siphoned on the top and from the BofA bailout funds.

I still can't get over that building Bear Stearns had that is part of the deal. You can not build a tower and office space like that in downtown Manhattan or anywhere for that kind of money.

Donald Trump missed that one.

 

[tas38]

I found this on the building they got, plus the $30 billion fed deal and JP chase paid only $240 million.

( The Bear Stearns building is worth $1.5 billion, or more than $1,200 a square foot, said Dan Fasulo, director of market analysis for Real Capital Analytics Inc. in New York. )

http://www.bloomberg.com/apps/news?pid=20601087&sid=aohaZhXkSMWQ&refer=home

Edited In:

Here one about how people are buying shares, at over $8 each nuts that is for sure.

http://www.businessweek.com/bwdaily...20080318_327039.htm?chan=rss_topStories_ssi_5