Tuesday, November 06, 2007

Oh no they didn't!

Bloomberg delivers Jimmy Joint & the Dirty Bears the ultimate smackdown on behalf of Lloyd Blank-too-fine & his Golden Sachs.
clipped from www.bloomberg.com
When Goldman Sachs Group Inc. employees cash their year-end checks, they'll have enough money to buy Bear Stearns Cos.
Goldman, the biggest and most profitable U.S. securities firm, set aside $16.9 billion to pay salaries, benefits and bonuses in the first nine months of 2007, according to the company's third-quarter earnings report. The stock market values Bear Stearns Cos., the fifth-biggest firm, at $14.7 billion.
While analysts expect Goldman to top last year's profit record, they estimate that Bear Stearns's earnings will drop 27 percent. Goldman's shares have added 12 percent this year while Bear Stearns's are down 37 percent. Bear Stearns Chief Executive Officer James Cayne, 73, has watched the market value of his firm decline more than $10 billion from its February peak.

Bear Stearns, straddled with subprime losses, is rumored to forgo the traditional cash bonus, choosing instead to hotbox its entire 383 Madison Avenue headquarters and provide a box of Cheetos to all employees except Analysts and Junior Traders who will get $100,000 par-value of Bear Stearns commercial paper.

No comments: