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Bear Stearns Blogger Bounced

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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:

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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.

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Photo Credit: Reuters

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