"naive" Bear Stearns high-risk subsidiary Chair was...... Jim Gilmore (R-Va)

[underpants]

Gilmore led Bear Stearns subsidiary
Former governor challenges assertion by money manager that he was naive in finance

http://www.inrich.com/cva/ric/news.apx.-content-articles-RTD-2008-03-19-0058.html

Former Gov. Jim Gilmore was chairman of a Bear Stearns subsidiary that was set up to market some of its highest-risk securities tied to the meltdown of the home-mortgage industry.

One money manager said Gilmore's involvement in Everquest Financial Ltd. reflected his "naivete" in finance. Gilmore, a Republican who as governor was criticized for his handling of state finances, is running for the U.S. Senate.


There is no suggestion that any of Gilmore's actions were illegal or improper. Such a close association with credit markets dependent on the declining home loan industry, however, reflects a "naivete" about finance, money manager Axel Merk said.

Gilmore remains chairman of Everquest, a private corporation whose chief executive, Michael J. Levitt, said it generated about $100 million in revenue for about a dozen shareholders last year.

The Bear Stearns-managed hedge funds no longer own a majority share of the company.

Gilmore said yesterday that there was no way to predict the crisis in the subprime-home-loan industry and its effect on financial markets when he joined Everquest's board in November 2006.

[Virginia Dare]

1. Are any of us in Virginia surprised? I think not..

to think this guy thought he could be POTUS....:rofl:

[underpants]

3. I actually laughed out loud when I saw the headline in the T-D

:rofl:

Well that pretty much raps it up for Warner then huh?

Oh and Gilmore WILL get the Republican nomination-their civil war within the party is not going to subside until the conservatives get the nomination for Senate that they so covet.

[burythehatchet]

2. Bingo. Now I understand

The Bear Stearns bailout stinks of a cover-up. It was done by executive order, no congressional approval. It was done over the course of a weekend, though the planning must have taken far longer. I have been trying to figure out the angle, and now seeing Gilmore is involved it makes sense. His senate campaign must be protected.

Another item of note, I hear that the FBI is looking at some lenders for illegal activity.

Here is what the public will learn in a year or so. Bear Stearns was up to their neck in illegal activity. The bailout was accompanied by a guarantee of immunity to the purchaser. The Bear Stearns criminals will walk away rich and not in jail.

Count on it.

[FSogol]

4. Haw-haw: Gimmick Jim ruins everything he touches.

I wouldn't trust him to successfully make lunch reservations.

Recently, someone called my house asking if I would support Mark Warner or Jim Gilmore for the Senate in VA. The person calling got quite disturbed when I laughed my head off.

[underpants]

5. I said FRIED RICE !!!

:rofl:

Why in the world would Gillmore be given a Chair like this... oh yeah I forgot it is the same reason Bush sat on Boards while in the midst of running every business he was involved in (how do you screw up getting the 7-Ups and peanuts on airplanes?) including his gift ownership in the Texas Rangers.

[Winterblues]

6. "Who could have ever imagined"

:shrug: that and "I don't Recall" will be remembered as this Administration's mottos

[underpants]

7. Planes flying into buildings, someone not proving a negative, hurricanes with wind and rain

:shrug:

[burythehatchet]

8. more

Wall Street Journal (03/19/08) P. C2 ; Scannell, Kara
The U.S. Securities and Exchange Commission (SEC) informed J.P. Morgan Chase that its inquiry into Bear Stearns Co. would include the events leading up to the recently announced acquisition of the firm by J.P. Morgan. The regulator did not offer J.P. Morgan any assurances that a case would not result from the investigations, but stated investigations would look into the conduct and statements made by Bear Stearns prior to the transaction's announcement. Bear Stearns continues to be the subject of civil and criminal investigations by the U.S. Justice Department, the SEC, and the New York attorney general's office in relation to the collapse of its hedge fund and its packaging and selling of mortgage-backed securities. While the latest investigation's focus is unclear, many sources indicate the SEC will examine whether Bear Stearns executives and market participants made improper stock trades and misstatements. Statements about the firm's liquidity will be reviewed. J.P. Morgan is not likely to be the subject of the investigation because it did not have access to Bear Stearns' books.

[underpants]

10. Good work there burythehatchet

We'll see.

It at least looks like it was gross mismanagement but then that goes across almost the entire financial world save for Goldman Sachs who got out of subprimes last year.

[opihimoimoi]

9. Another dufus making excuses...thats all we ever hear from the Pubs...Blame others and excuses

[kestrel91316]

11. Heckuva job, Jimmy!!

[underpants]

12. LOL