Bear Stearns to be purchased by JP Morgan

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S

sohcrates

Diamond Member
Sep 19, 2000
7,949
0
0
ouch. i own some JPM stock. not sure what direction it's headed tomorrow.

my buddy quit bear sterns about 12 months ago. i was talking to him this weekend. best career decision he ever made!
 
EKKC

EKKC

Diamond Member
May 31, 2005
5,895
0
0
i have no sympathy for those a-holes to lose their jobs when their bonus hit 8 figures on a good year. if they didnt save up they deserve to die

however to the casual investers who invested during this downfall thinking they would go back up. those are the real victims... :(
i almost bought some at the $30 level friday. good thing i had no money in my account and i dont like to play with margin.
 
S

sniperruff

Lifer
Apr 17, 2002
11,644
2
0
Originally posted by: EKKC
i have no sympathy for those a-holes to lose their jobs when their bonus hit 8 figures on a good year. if they didnt save up they deserve to die

however to the casual investers who invested during this downfall thinking they would go back up. those are the real victims... :(
i almost bought some at the $30 level friday. good thing i had no money in my account and i dont like to play with margin.
Click to expand...

well, they did invest a lot of time to get their jobs and a lot of them work >80 hr/week so i wouldn't knock them.
 
D

Dacalo

Diamond Member
Mar 31, 2000
8,778
4
76
For a second I was tempted to buy this stock but with current state of financial institutions, I didn't have a good feeling. Ouch for those who bought.
 
EKKC

EKKC

Diamond Member
May 31, 2005
5,895
0
0
Originally posted by: sniperruff
Originally posted by: EKKC
i have no sympathy for those a-holes to lose their jobs when their bonus hit 8 figures on a good year. if they didnt save up they deserve to die

however to the casual investers who invested during this downfall thinking they would go back up. those are the real victims... :(
i almost bought some at the $30 level friday. good thing i had no money in my account and i dont like to play with margin.
Click to expand...

well, they did invest a lot of time to get their jobs and a lot of them work >80 hr/week so i wouldn't knock them.
Click to expand...

i know a lot of ppl who work in those companies. in fact i work for a consulting firm and have coworkers at Goldman Sachs. i even shadowed one of them on site a few times.
you know how many hours of actual work they do in 80 hours? probably not even 50%. so that gets you about 40 hours. people just show up early, and stay late for the sake of staying late, not to work. my coworker who works there say he is scared to leave at 6. he finishes his job at 5 and would stay till 7:00 since that's what everyone does. I asked him "screw them you're a consultant, why would they care, shouldnt they want you there less?" and he said since he's the specialist there, they want him there "just in case sh!t happens"

and i'm not knocking them. but i better not hear any complaints from investment bankers saying how they lost their jobs. they had tons of salaries and bonuses to keep them well off for a few years. if they weren't wise enough to save up in advance, well, don't go crying to anyone. that's all i'm saying.
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
15
81
fobot.com
this is seriously starting to worry me
gonna have to find out how to move some 401(k) money around tomorrow and have to get those guns/ammo/food supplies stocked up
 
L

LegendKiller

Lifer
Mar 5, 2001
18,256
68
86
Originally posted by: EKKC
Originally posted by: sniperruff
Originally posted by: EKKC
i have no sympathy for those a-holes to lose their jobs when their bonus hit 8 figures on a good year. if they didnt save up they deserve to die

however to the casual investers who invested during this downfall thinking they would go back up. those are the real victims... :(
i almost bought some at the $30 level friday. good thing i had no money in my account and i dont like to play with margin.
Click to expand...

well, they did invest a lot of time to get their jobs and a lot of them work >80 hr/week so i wouldn't knock them.
Click to expand...

i know a lot of ppl who work in those companies. in fact i work for a consulting firm and have coworkers at Goldman Sachs. i even shadowed one of them on site a few times.
you know how many hours of actual work they do in 80 hours? probably not even 50%. so that gets you about 40 hours. people just show up early, and stay late for the sake of staying late, not to work. my coworker who works there say he is scared to leave at 6. he finishes his job at 5 and would stay till 7:00 since that's what everyone does. I asked him "screw them you're a consultant, why would they care, shouldnt they want you there less?" and he said since he's the specialist there, they want him there "just in case sh!t happens"

and i'm not knocking them. but i better not hear any complaints from investment bankers saying how they lost their jobs. they had tons of salaries and bonuses to keep them well off for a few years. if they weren't wise enough to save up in advance, well, don't go crying to anyone. that's all i'm saying.
Click to expand...

This differs significantly from bank to bank. I have had many times where i needed to work 90 hours per week. I know people at DB, GS, CS, JPM, MS, and other banks who put in similar hours and it's not all face time.

That being said, many times there is a lot of face time involved.
 
P

Playmaker

Golden Member
Sep 17, 2000
1,584
0
0
Originally posted by: LegendKiller
Originally posted by: EKKC
Originally posted by: sniperruff
Originally posted by: EKKC
i have no sympathy for those a-holes to lose their jobs when their bonus hit 8 figures on a good year. if they didnt save up they deserve to die

however to the casual investers who invested during this downfall thinking they would go back up. those are the real victims... :(
i almost bought some at the $30 level friday. good thing i had no money in my account and i dont like to play with margin.
Click to expand...

well, they did invest a lot of time to get their jobs and a lot of them work >80 hr/week so i wouldn't knock them.
Click to expand...

i know a lot of ppl who work in those companies. in fact i work for a consulting firm and have coworkers at Goldman Sachs. i even shadowed one of them on site a few times.
you know how many hours of actual work they do in 80 hours? probably not even 50%. so that gets you about 40 hours. people just show up early, and stay late for the sake of staying late, not to work. my coworker who works there say he is scared to leave at 6. he finishes his job at 5 and would stay till 7:00 since that's what everyone does. I asked him "screw them you're a consultant, why would they care, shouldnt they want you there less?" and he said since he's the specialist there, they want him there "just in case sh!t happens"

and i'm not knocking them. but i better not hear any complaints from investment bankers saying how they lost their jobs. they had tons of salaries and bonuses to keep them well off for a few years. if they weren't wise enough to save up in advance, well, don't go crying to anyone. that's all i'm saying.
Click to expand...

This differs significantly from bank to bank. I have had many times where i needed to work 90 hours per week. I know people at DB, GS, CS, JPM, MS, and other banks who put in similar hours and it's not all face time.

That being said, many times there is a lot of face time involved.
Click to expand...

Additionally, keep in mind they aren't all investment bankers. Many people seem to assume working at a bank means bankers, but "I work at Goldman" can mean a lot of things, not necessarily long hours (and not the big $$$ that goes to the bankers and top prop traders). They could be back office, cap markets, market makers, sales, private wealth mangement, etc.

It's always fun to ask someone what their position is when they say "I work at Goldman" and notice the slight disappointment when they don't say banker.
 
S

Syringer

Lifer
Aug 2, 2001
19,333
3
71
Wow..desperate times call for desperate measures.

I'll revise my prediction to a drop of 1.5-2% then ;)
 
S

Special K

Diamond Member
Jun 18, 2000
7,098
0
76
Originally posted by: BuckNaked
Originally posted by: Syringer
The market will fall by 3-4% tomorrow, Bernanke will cut rates further sometime this week..
Click to expand...

Already cut it today (on a Sunday, a very unusual move) a quarter point... trying to stem the blood loss tomorrow...

http://biz.yahoo.com/ap/080316/fed_credit_crisis.html

Asia is down today, with Nikkei down 4.2%
Click to expand...

The article says only the discount rate was cut, which only applies to banks borrowing directly from the Federal Reserve. It also said a 50 bps cut later this week is expected, however.
 
B

BuckNaked

Diamond Member
Oct 9, 1999
4,211
0
76
Originally posted by: Special K
Originally posted by: BuckNaked
Originally posted by: Syringer
The market will fall by 3-4% tomorrow, Bernanke will cut rates further sometime this week..
Click to expand...

Already cut it today (on a Sunday, a very unusual move) a quarter point... trying to stem the blood loss tomorrow...

http://biz.yahoo.com/ap/080316/fed_credit_crisis.html

Asia is down today, with Nikkei down 4.2%
Click to expand...

The article says only the discount rate was cut, which only applies to banks borrowing directly from the Federal Reserve. It also said a 50 bps cut later this week is expected, however.
Click to expand...

You are correct, thanks for the clarification...
 
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