Bear Stearns Blogger Bounced

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Remember the Bear Stearns big shot who was blogging about movies and how tough his job was while a hedge fund he managed was going down the subprime drain?

Richard Marin was head of Bear’s asset management business -- and not a fan of the new Kevin Costner movie. We say he ‘was’ head of asset management, because he was bounced from that job Friday:

Reuters: ‘The investment bank Bear Stearns replaced the head of its asset management business today after two of the unit’s hedge funds almost collapsed after making bad bets on mortgage-related securities.

‘The meltdown of the hedge funds embarrassed Bear Stearns.... The funds buckled on wrong-way bets tied to subprime loans, which are made to people with weak credit. Bear said that Jeffrey B. Lane, a longtime senior executive at Lehman Brothers Holdings Inc. and Neuberger Berman Inc., would succeed Richard A. Marin as chairman and chief executive of Bear Stearns Asset Management.

Was the blog a factor? It couldn’t have helped Marin’s cause. Then again, having a hedge fund explode doesn’t help either.

Photo Credit: Reuters