Wall Street Folly

It's Official: We've moved! Our new home is www.wallstreetfolly.com

Please join us over at our new Wall Street Folly site.  We're still working out some kinks, but it's up and running! (Note, if for some reason you're not directed to that site, keep trying.  It gonna take a bit for the redirection of our wallstreetfolly.com url to be propogated through the system.)

Video: Interview with former Bear Stearns CEO Ace Greenberg - 5/12/09

Wall Street legend Alan "Ace" Greenberg  talks about the economy, Bear Stearns, how the investment banking model is forever changed, the  PPIP and toxic assets. 

Of John Paulson, "He's good.  He's one of the dumb guys who used to work for us.  We fired him....(laughter.) "Not true!" 

He also is asked where he got the nickname "Ace"....

Video: Kate Kelly talks about her new book on Bear Stearns' final 72 hours: "Street Fighters"

The Daily Show: Jon Stewart interviews William Cohan and says to buy his book on Bear Stearns

Buy 'House of Cards' says Jon Stewart....

The Daily Show With Jon Stewart	M - Th 11p / 10c
Intro - Buy Bear Stearns Book
thedailyshow.com
Daily Show Full Episodes Economic Crisis Political Humor

A year after his precipitous fall former Bear Stearns CEO Jimmy Cayne talks to"snake" Charlie Gasparino ($JPM)

Were Jimmy Cayne's transgressions all that bad in comparison to some of the others?:  It's been a year since Bear Stearns fell and sold out to JP Morgan. Former Bear Stearns CEO Jimmy Cayne, who has been keeping a very low profile since he was vilified in Bear's plunge, finally is speaking -- to Charlie Gasparino.   What's he doing now?  Still playing lots of bridge and apparently getting nagged a lot by his wife, and is in improved health since his serious prostate scare last year.  From Gasparino's piece on Cayne in The Daily Beast:

Jon Stewart skewers CNBC on "The Daily Show"

The Daily Show With Jon StewartM - Th 11p / 10c

CNBC Gives Financial Advice

Daily Show Full Episodes
Important Things With Demetri Martin

Political Humor
Joke of the Day

Jon Stewart skewers CNBC, Rick Santelli, Cramer et. al  on his "Daily Show" last night. It's a trip down memory lane.  A must watch. (8:29)

Deposed banking CEOs wish you a Merry Christmas

We love the Elf Yourself / Jib Jab elves.  Here we present our deposed Wall Street CEO creation, including former Lehman Brothers CEO Dick Fuld, Former Bear Stearns CEO Jimmy Cayne, Former Merrill CEO Stan O'Neal, and Former Citigroup CEO Chuck Prince....

Ace Greenberg: “There’s no more Wall Street”

Former Bear Stearns CEO, now at Lehman Brothers, has seen change after change in his 61 year career on Wall Street.  And now he says that Wall Street as we knew it is gone.

“There’s no more Wall Street,” Greenberg, 81, said last night in an interview on Bloomberg’s “Money & Politics” television program. “That model just doesn’t work because it’s at the mercy of rumors.”

“Rumors can start and turn into a self-fulfilling prophesy,” Greenberg said during the interview in Washington. He said he’s “never seen anything close” to the current economic decline and turmoil in the financial markets.

Former Bear Stearns CEO Greenberg Says Wall Street Is ‘No More’ - Bloomberg

Charlie Rose: A conversation with former Bear Stearns CEO Alan "Ace" Greenberg (10/22/08)

Jamie Dimon wins again: prime brokerage stampede out of Morgan Stanley and Goldman Sachs is JP Morgan's gain

With all of the heightened fears over the stability of financial stalwarts like Morgan Stanley and Goldman Sachs in the last few days, scared hedge fund clients have been yanking their funds for more players deemed more secure.  That's played directly into the hands of Jamie Dimon's and JP Morgan who fortuitously picked up Bear Stearn's prime broker business when they swallowed that firm.  They've been seeing  inflows of "billions of dollars a day" -- so much cash that its even caused a bottleneck in setting up new accounts.  Other firms like Deutsche Bank, BNP Paribas, Citigroup and Credit Suisse are also seeing a surge of new money.
Funds Flee Morgan, Goldman for JP Morgan - NY Post