Bennet Sedacca Dies in Fall....Money manager who blew Credit Alarm and predicted a Depression..

[KoKo]

Bennet Sedacca, money manager who blew credit alarm, dies

BLOOMBERG NEWS
March 20, 2009

Bennet Sedacca, a money manager credited with being one of the first to warn that Bear Stearns Cos. - and, by extension, the U.S. economy - would be run over by a credit crisis, has died. He was 49.

Sedacca, chief executive of Atlantic Advisors Llc in Winter Park, Fla., died Tuesday of a brain injury suffered in a fall at his Orlando home, according to an e-mail from Chelsea Valencia, a colleague at the firm.

On the financial Web site Minyanville.com, Sedacca posted a red-flag announcement on March 5, 2008, that "the great credit unwind is upon us."

The posting, which focused on Bear Stearns, constituted "the first murmurings of impending doom for the financial world," William D. Cohan wrote in his new book, "House of Cards." Sedacca had monitored the credit default swaps of Lehman Brothers Holdings Inc. and Bear Stearns for months and had noted the rising cost of insuring their short-term debt, Cohan wrote.

"I've been talking about it for years," Sedacca told Cohan. "Because if you think about it, if you have all this nuclear waste on your balance sheet, what are you supposed to do? You're supposed to cut your dividends, you're supposed to raise equity, and you're supposed to shrink your balance sheet. And they did just the opposite. They took on more leverage."

Sedacca had more than 28 years' experience in the securities industry, according to a profile on the Web site of Atlantic Advisors, a $3.5-billion investment-management company.

He was a senior vice president at PaineWebber and a vice president at Salomon Smith Barney. He also had worked at Drexel Burnham Lambert and lost his first fortune when the firm was liquidated in 1990, Cohan wrote.

http://www.newsday.com/services/newspaper/printedition/friday/news/ny-sedacca206076148mar20,0,6744254.story

---------

Welcome to the Depression
Courtesy of Bennet Sedacca at Minyanville

Recession:
A recession occurs when a nation’s living standards drop and prices increase. This downturn in economic activity is widely defined as a decline in a country’s gross domestic product for at least 2 quarters.

Depression:
An economic condition caused by a massive decrease in business activity, falling prices, reduced purchasing power, excess of supply over demand, rising unemployment, and other negative economic factors.
- Bloomberg financial definitions

Truth or Dare: Recession or Depression?

As unpopular as it may have been, I have been writing about the impending recession over the past several years. I am rather used to being called a "perma-bear" as it relates to the asset-based, over-leveraged mess we call our economy.

Truthfully, it’s been no fun whatsoever to call ‘em as I see ‘em. An outlier view has been a necessary evil, however, and one that I’ve been proud to have had the guts to provide.

I will now turn to what, in my view, is the biggest risk of all: We’re in a recession - and the economy can actually shrink. And shrink it has, is, and will likely continue to do. The question now: Are we going through a traditional recession, or a once-in-a-lifetime depression?

I actually hoped the unprecedented credit unwind would end up in a nasty recession; but I fear a depression is either upon us or will soon be upon us. To be truthful is essential in markets and life: To face head-on the bad news which isn’t at all fun or exciting to face.

I hate to say this, as unpopular as it may be: Welcome to the depression. For my reasoning, please read on.


http://74.125.47.132/search?q=cache:OaLVhVmOvUAJ:philsbackupsite.wordpress.com/2009/01/page/2/+Bennet+Sedacca+the+great+credit+unwind+is+upon+us&cd=16&hl=en&ct=clnk&gl=us&client=firefox-a

[MinneapolisMatt]

1. "Fall"

What a coincidence.

[elocs]

20. Right, because absolutely nobody ever dies from a fall.

:tinfoilhat: Some people hear hoof beats and always think zebras instead of horses. Evidently only Republicans are not immune to accidental deaths.

[ewagner]

2. Brain injury from a fall?

Ummmm.....I hope somebody is investigating this or else I'm going to be forced to dust off my tinfoil hat....

:tinfoilhat:

[Liberal_in_LA]

3. 49 year dying from a 'fall'. Did he fall from the roof of a three story home? what the heck?

[Maru Kitteh]

40. 20 year-olds can die from falling in their own shower, happens all the time.

You could slip off a curb tomorrow and die. That's how it works.

[tavalon]

42. Prabably a fall down stairs

Honestly, it's easier than you think to die from traumatic brain injury.

[sixmile]

8. Natasha Richardson 'fell'

It happens (though maybe with not as much international financial intrigue and suspicion.)

[bottomtheweaver]

24. Seems to be going around.

Can't wait to hear the ever-changing story on this one, if anyone bothers to look into it.

[AlCzervik]

9. my uncle fell off a ladder and broke his neck, he's now a quadriplegic.

[Liberal_in_LA]

15. Oh my gosh. How horrible.

[anigbrowl]

26. Yeah, such things actually happen

You'd be surprised how many people die from apparently minor accidents. Hit the wrong part of your head on a piece of furtniture or the edge of a step and it can be fatal.

[spartan61]

4. A "fall" instead of a small plane crash??

Hmmmmmmm

[KansDem]

46. Well, isn't one kind of like the other?

They both make use of gravity...

[malaise]

5. What kind of fall was that?

Was he 'suicided'?

[Maru Kitteh]

41. Sometimes a cigar is just a cigar.

It doesn't take much of a fall to take you out sometimes, no matter what your age. That's the great mystery of life.

On the one hand you can have a pregnant woman survive a failed skydive land face-first in a parking lot and not only survive, but the baby does too(actual case).

On the other hand, you can have a perfectly healthy 20 year old college track enthusiast die after he falls in his own shower(acquaintance of mine).

[Vickers]

6. How con-VEEN-yent!

:tinfoilhat:

[anigbrowl]

27. For who?

[havocmom]

33. for any other corporate giant who wants to bully potential whistle-blowers?

for starters.

[anigbrowl]

37. Not exactly convincing. He didn't blow any whistles

'Whistle blowing' generally refers to revealing incriminating inside information. This guy just called a future direction for the market which quite a few people pointed out, but which a majority of investors and bankers assumed would never happen. I see no reason for theorizing that there was anything suspicious about his death from the stated facts.

[AlCzervik]

7. sometimes people fall, hit their head and die.

[WhiteTara]

12. and here's proof...but

was he pushed?

[AndyA]

10. He was 49 years old and died from a fall in his home?

Was he on a ladder changing light bulbs on his 24 foot vaulted ceiling? If not, I think this needs to be investigated a bit. 49 year old people are normally still fairly agile, so this surely seems suspicious to me. It would be nice to know the details of the fall.

Another brain injury, too. It's too bad more people didn't pay attention to what this guy said. He was a brave hero for speaking the truth when no one wanted to hear it. He deserves credit for trying.

[KoKo]

16. There's no other news except "fall on the stairs." He wrote for Minyanville

and the group over there doesn't even have more news except it was a "fall."

I've read him for awhile. Sad News. He was one of the "good guys" exposing the crap going on with Wall St. One of his buddies at Minyanville had just talked to him the night before.

[CTyankee]

11. Slipped in the bathtub? Drunk on his ass and fell downstairs?

Tripped over the cat?

He's a little young for falls in the home. Older people and drunks do quite frequently but a guy of 49? Something ain't right.

Of course, I guess it IS possible...:shrug:

[Liberal_in_LA]

13. 'Freak stairway fall" mentions another site

[glinda]

17. Uh huh.......

[OmmmSweetOmmm]

14. It didn't say if anyone was with him when he took his "fall".

w

[960]

18. Sounds like Cheney's hit squad at work.

:tinfoilhat: .... or is this worthless now that I have found out so much reality that is scarier than anything I could imagine?

[GoesTo11]

19. How about putting away the tinfoil

This guy was a small fish away from the action and almost certainly without any incriminating information.

[WI_DEM]

25. that is asking a lot on DU.

[960]

45. You know this how? Just as crazy as folks stocking up on Reynold's wrap are those

who dismiss conspiracy off hand.

[GoesTo11]

47. Read the article

He ran a 3.5 billion dollar money management fund in Winter Park, Florida. That sounds like a lot of money to you or me, but this guy wouldn't even get his calls returned by Goldman Sachs. So he's got a couple thousand upper middle class retirees investing with him. Goldman Sachs craps bigger than him. For AIG, losing 3.5 billion dollars is not even a good day's work.

[bobburgster]

21. Tripped on a roller skate?

Maybe he tripped on a well placed roller skate placed on the stairs as he was headed to turn over documents to a congressional committee.

[soothsayer]

22. Fell after he shot himself in the back several times?

[WI_DEM]

23. As usual on DU there are the usual folks who can't accept that somebody might actually die in a fall

and that it doesn't always mean anything more than that. Everybody knows how bad the economy is now so why kill him?

[BostonMa]

28. as usual u are here to criticize people on DU right on cue

"Dem".

[anigbrowl]

29. Some people have nothing better to do than post woo all day.

It's pretty pathetic.

[Hissyspit]

34. Actually, that's what the website was set up for. it was the beginning of dark times when

the site was set up, and some of the bad stuff has been mitigated, but much of the dark goes on.

[KoKo]

31. The Actual "OP" doesn't say anything about "malicious intent" or "Tinfoil."

Instead it points out how sad it is that his voice won't be heard anymore. Do a GOOGLE on Sadacca's writings. It's worth it.

I'm so sad that he had an accident and I hope that those who read and loved him will continue his work on reporting on the REAL Stock Market.

I'm sad, myself, that I posted this thinking that many DU'ers might have read him, known who he was and been saddened by his accidental death. NOWHERE did I post that his death was suspicious or that he was "Taken Out." I quoted the "HEADLINE" of major newspaper and even gave a link to one of his last reports.

I wish many DU'ers wouldn't trash a poster for posting the death of a person who had good writing. Assuming more about what you have pre-judged about the Poster and Writer than the actual reality of the situation of reporting the death of someone who was a "TRUTH TELLER" who should have some mention out here for those DU'ers who "follow the Stock Market" like me and many others.

Just saying ...it's very harsh what some are claiming on here that was never in the OP.

[anigbrowl]

35. Not trashing the OP, just some of the other comments in the thread.

You are quite right about the worthiness of the OP itself.

[thankyou]

48. thank you KoKo

I am the wife of Bennet Sedacca. I was Googling his name to see which websites were discussing his work so I could share it with my children. Although I am not familiar with your site I was fascinated by your discussion. If only Bennet could have known that people thought his death had some intrigue attached to it! Yes it brought a smile to my face. Bennet's fondest wish was that he could leave a legacy of sharing his knowledge of the financial markets and helping others. KoKo I am so happy that you found his thoughts educational and you are not alone in missing his wisdom. His fall was purely accidental. He was home by himself and my daughter and I found him on our return. Bennet took blood thinners for a blood clotting disorder he had inherited. Unfortunately his levels were too high and he suffered a major brain bleed. We were able to donate his organs so as my daughter said, "Other families will not have to go through what we are". I am also sorry to report that he was a registered Republican but always wanted whoever was in office to "succeed" as we would all benefit. www.minyanville.com was the main forum for Bennet's writings and a very important educational site for those that wish to hear the truth.

[Starbucks Anarchist]

36. Gravity is a Rovian plot.

:sarcasm:

[Fuzz]

30. My wife's cousin's drummer in her band died from a fall down the stairs

and he was in his 20's.

Very Spinal Tap.

[KoKo]

32. Thank you...YES people DO DIE from ACCIDENTAL DEATH..

but his writings will live on.

[earth mom]

38. Another suspicious "accidental" death...

:tinfoilhat:

[Dreamer Tatum]

43. Yeah, he was all set to tell us that we're almost in a DEPRESSION

Now how will we ever know the economy is in bad shape?


Hey, tinfoilers: if your alarm clock breaks, how do you know it's morning?

[lonestarnot]

39. Stay out of stairwells and off bunny hills.

[acmavm]

44. Damn, don't these whistle blowers have ANY coordination?