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Why Margin Calls Need Not Destroy th...   Bloomberg Plays Gotcha with S&P
Jun 29 2007 12:46PM EDT

Diary of a Defenestration

June 27: "Bear Stearns’ Asset Management Chief Takes Charge in Fund Crisis" is the headline as Rich Marin rides to the rescue of his company's embattled hedge funds.

June 28: The NYT's Julie Creswell discovers Marin blogging about heading to the movies in the midst of the crisis.

“I had been working 24-7 on this thing. Taking a small amount of time to clear my head seemed reasonable,” Mr. Marin said yesterday.

June 29, am: Landon Thomas is bearish on Marin's future at Bear Stearns:

The immediate onus has fallen on the funds’ manager, Ralph R. Cioffi, and the head of asset management, Richard A. Marin, neither of whom is expected to get the benefit of one of Mr. Cayne’s rare second chances.

June 29, pm: Marin is officially out.

Bear Stearns Cos. hired Jeffrey Lane from Lehman Brothers Holdings Inc. to run its asset-management division after the near-collapse of two hedge funds forced the firm to put up $1.6 billion for a bailout.
Lane, 65, replaces Richard Marin...

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