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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: sylvester80 who wrote (64028)	5/8/2002 5:39:55 PM
From: lh56	Respond to of 99280

from a couple years back, some case law precedent that might ease the tension at cnbs. fundalarm.com "What brought that to mind was a news release regarding a lawsuit brought by a Canadian investor against the broker/banker Bear Stearns. What makes the story particularly pertinent is that the investor claimed that he incurred $300 million in currency losses based on the poor advice he relied upon from Bear Stearns’ chief economist Wayne Angell, amongst others. That name might not be familiar to you, so allow me to refresh your memory by pointing out that Mr. Angell was, for two decades, one of the illustrious members of the Federal Reserve Board, and worked with Alan Greenspan for a number of those years. But here is the real kicker. Mr. Angell’s boss at Bear Stearns is the Chief Executive, James Cayne. As a major witness in the jury trial that ensued, Mr. Cayne raised the defense that since he considered Mr. Angell "an entertainer", his company could not be held responsible for the investor’s loss. To emphasize this defense strategy, Mr. Cayne cited as fact, that economists are right only 35 percent to 40 percent of the time, and "they don’t really have a good record as far as predicting the future." Mr. Cayne continued, "I think that is entertainment, but he [the investor] probably doesn’t think it is." "