Blogging Executive Moved Following Hedge Fund Debacle
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Ralph Cioffi, 51, the day-to-day manager of the two troubled hedge funds, has also been relieved of his duties. He, too, will stay on at Bear for the time being as an adviser.
Marlin enjoyed a good start at Bear, tripling funds under management and securing several key strategic hires. This hedge fund debacle occurred on his watch, however, and he looks now to have paid the price.
The Bear executive is also now famous for his personal blogging prowess. Although password protected to limit access, various excerpts from his blog have found their way onto the net over the last few days, including this posting dated 23.06.07:
'This pretty much sums up my last two weeks, trying to defend Sparta against the Persian hordes of Wall Street. Nothing like a good fight 24 x 7 for a few weeks to remind you why you chose the life you chose. The good news is that after two embattled weeks, I and my loyal staff are still standing to fight another day. If you want details....pick up the Wall Street Journal for the past week and we were in the top three stories every day. It's nice to know you can have an impact on the world....Next time I'll try to make a slightly more positive impact....'.
Sadly Marlin didn't have too many days of 'fight' left to him.
Finally, investors in the two Bear Stearns funds affected by the recent difficulties will probably have to wait until mid-July to find out how much they have lost.
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