http://www.nypost.com/seven/03262008/business/400g_for_book_on_bears_fall_103625.htm March 26, 2008 -- TV journalist Charlie Gasparino has inked a $400,000 advance for a book on the collapse of Bear Stearns. Gasparino's book, "The Sellout," tells how Bear Stearns tossed out its tradition of hard-nosed, conservative trading skills and plunged head first into risky debt that's been drowning Wall Street investment banks. Gasparino, the on-air editor at CNBC and a former Wall Street Journal reporter, lamented that smart veterans who'd been running Wall Street banks were "some of the most conservative traders in the world, so why did they sell out these principles and begin to roll the dice so recklessly?" "Greed," Gasparino reckoned. His book for HarperCollins, which industry sources said paid a $400,000 advance, unravels what went wrong to wipe out a century of faith in American finance. HarperCollins is owned by Post parent News Corp. His agent was Todd Shuster of The Zachary Shuster Harmsworth Literary Agency. Gasparino's last book with HarperCollins explored the downfall of stock exchange boss Dick Grasso: "King of The Club: Richard Grasso and the Survival of the New York Stock Exchange."
Here it is http://money.cnn.com/news/newsfeeds/articles/djf500/200803261709DOWJONESDJONLINE000718_FORTUNE5.htm
He's one of the people who were feeding the rumors which caused the run on assets. He helped cause this and now he's getting a reward. Nice.
between him and david fabor, they knew what was happening as it was happening, but would not say a thing. Fabor actually came out and said that GS would not use BSC as a counterparty when he had the inverview with the ceo of bear, but i felt the whole time they where grinding there teath
Yeah i saw it, i wonder 200 people show up at 2 pm to protest............hmmmmm i wonder if these people have jobs. if not people get a job and pay your bills!
I'd wager that less than a third that should up were actually "distressed homeowners". This was protesters, they were agitators/activists.
If this is true, that Goldman refused to use Bear as a counterparty, this means that they effectively sealed Bear's fate and used rumors and fear to drive one of their competitors out of business. That's way too shifty, but with all Goldman has been doing lately to be THE brokerage to deal with, I wouldn't be surprised. I wonder if in the nature of this climate Goldman can be somewhat liable for this collapse as well.