A Bit Of Gossip & Interesting Tidbits
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- A Bit Of Market Gossip (04/05/2008)
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The story now goes that a smoker let himself (or herself) into the roof area, had a quick fag and then threw the cigarette butt over the side, where it ended-up in the air-conditioning and started to short the system, causing the fires to break out. Security staff are thought to have been checking the swipe card system in an attempt to establish the identity of the silly smoking staffer.
Reuters reports that some 200 protesters descended on the lobby of the Bear Stearns HQ building in Manhattan Wednesday. The protesters, who stayed for around 30 minutes seeking a meeting with JPMorgan CEO Jamie Dimon, were from the Neighborhood Assistance Corp. of America. The group were angry at what they see as a bail out on Wall Street ( JPMorgan's proposed acquisition of Bear ), while struggling homeowners are left to fend for themselves.
The news agency also reports that a used Bear Stearns T-short was sold on eBay earlier this week for an amazing $151, equivalent to roughly 15 shares JPMorgan hopes to acquire in the firm at $10-a-pop. A Bear tie also attracted a bid of $150.
Finally, The Independent reports that police suspect that the credit crunch may be having some disturbing side-effects on bankers who still work in the 'Square Mile' (there aren't that many left, as most have decamped to Canary Wharf or the West End, or have lost their jobs). According to the newspaper, there have been more drunken fights and altercations of late, and the finger is being pointed at stressed out bankers.
