Calculate your site FeedRank Today
FeedRank, a newly developed algorithm for ranking RSS feeds only on RSSMicro
Click here to learn more
 4/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/dailybrief
| A smart take on the day's business headlines with insightful commentary and a sense of humor. ... |
Wednesday, May 14, 2008 --- 72 days ago http://www.portfolio.com/views/blogs/daily-brief/2008/05/14/gary-parr-hits-a-bog
| Ask Gary Parr whatever you want about sovereign wealth funds. Just don't ask him about what happened to Bear Stearns.
Actually, the Lazard vice chairman did tell a roomful of finance types this morning what happened to Bear, but he pleaded "ongoing legal proceedings" to refrain from offering any new detail or insight. Lazard advised Bear Stearns during its spectacular collapse in early March, and many investors questioned why Lazard first stood behind the $2 per share price as a fair one, only to change its mind a week later and decide that $10 per share was somehow more fair.
Speaking at a conference on private equity sponsored by The Deal , Parr ( profiled here ) repeated the oft-used phrase to describe Bear's final days. "There was a run on the bank," he said. Seventeen billion dollars evaporated in 48 hours simply because investors decided they didn't want to hold the Bear Stearns name any longer. "It was quite extraordinary," Parr said.
Yes, it was. Tell us something we didn't already know.
Parr was invited as a keynote speaker to the conference to talk about sovereign wealth funds, and he did share his insight about what the future holds for the ballooning piles of cash controlled by governments in Asia and the Middle East.
No matter what direction oil prices go, sovereign wealth is going to dramatically expand in the coming years, from $3 trillion today to as much as $14 trillion by 2012, Parr said.
Bu ... |
|
|
Recent Posts
|
|
|
Facebook Del.icio.us Digg StumbleUpon Reddit Google
Anytime
