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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Hawkmoon who wrote (9039)	3/16/2008 8:27:16 PM
From: stomper	Read Replies (2) of 33421

(cribbed from Stool): From When Genius Failed, p. 205. It was all Allison's meeting now. The numbers man decided to take a poll. Bankers Trust said it was in.... Barclays was in. All eyes darted to the hulking Cayne, slouching next to Spector, his colleague. The Bear (Sterns) CEO said, "We called this morning to tell people we wouldn't be in." There was a deathly silence. Then, in unison, the CEOs demanded an explanation. This only made Cayne more resolute. Bear had enough exposure as a clearing agent, Cayne said. He wouldn't say more. The others though it was ludicrous. Bear was holding $500 million--it was the least exposed. "They had a different view of the world," one participant said acidly. "They're completely self-interested." Suddenly these paragons of individual enterprise seethed with communitatian fervor. Purcell of Morgan Stanley turned beet red. He fumed, "It's not acceptable that a major Wall Street firm isn't participating!" It was as if Bear were breaking a silent code; it would pay a price in the future, Allison vowed.

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