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Old 20th March 2008, 08:34 AM
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What's actually happening in Wallstreet?

Jim Cramer: "Bear Stearns is Fine!" Tues, 3/11/08
http://www.google.com.sg/search?hl=e...G=Search&meta=

Meet the Biggest Loser in the Bear Stearns Debacle
http://www.cnbc.com/id/23677244

Something going on that we little people don't know yet?
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Old 20th March 2008, 09:30 AM
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Re: What's actually happening in Wallstreet?

The Treasury and the Fed are in collusion over one of the biggest cover-ups in US history. They think if they can hide the problem for long enough the problem will go away, as it is all about confidence.

Well, the confidence trick seemed to work for about 24hrs, until Bush got up and made his Victory Speech on Iraq, and suddenly the markets were reminded of what a deluded fool he really is!
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Old 20th March 2008, 03:20 PM
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Re: What's actually happening in Wallstreet?

Nobody knows, but here's what I think:

Cramer's comments were directed toward investors who had accounts with BS, not investors in BS stock. He told people not to withdraw their money from the firm because of rumors about its liquidity; the CEO was clear on this early in the week, saying that there was no truth to the rumors. Cramer did not tell people to buy the stock.

Had Cramer said "Yes, pull your money, I don't believe that CEO and I think Bear is insolvent," it would've likely caused a "Run" on the brokerage, which would've hastened its demise and the outcome might not have been so well orchestrated by the Fed. Yes, I think Cramer is that influential. And a run on Bear would likely lead to other brokerages getting into trouble with similar fears, things could conceivably grind to a halt.

They still could, of course, but more slowly. "Delay the inevitable" seems to be the mantra here.

BS bondholders are probably buying the stock now (hence its 100% gain the day after the JPM news came out - it's at about $6 now - 3X the buyout price); they want the deal to go through. A lowball buyout by a solvent firm is better than bankruptcy for a bond holder.

As for Lewis, the earlier article someone posted about him said he bought at an average of $107, and he bought in the hopes that the firm would be bought out. Investors in BSC at this point, in other words, were the vultures circling in around a stock that had been down 40% since last summer, when it was in the $150s.

They got their buyout. (Also, at that level of investing, he had to be hedging with options).

BTW, I know nothing, I just read about this stuff a lot:
These guys seem to know what they're talking about (a former head trader at MS and Cramer's old hedge fund, Cramer Berkowitz, started this site, and they've called the story pretty well so far). Their asset class deflation vs. dollar devaluation theme is pretty interesting.
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