Archive for March, 2008

Bear Stearns Takes It In The Vault After Conference Call

Bear Stearns president and CEO, Alan Schwartz, was recently noted as saying that the “liquidity position [of the securities firm] has not changed at all” on a recent CNBC appearance. The reaction to the rumors about the firm’s liquidity and ability to fund its business came only a day after the resignation of Bear Stearns Director, Henry S. Bienen.

The stock has been down by over 40% today, and it’s taking everyone down with it. During the conference call, one Bear Stearns executive discussed the reaction of its clients to the rumors.

A lot of people acted to protect themselves from the possibility of the rumors being true. The concerns on the part of counterparties, on the part of customers and lenders got to the point where a lot of people wanted to get cash out.

The Bear Stearns Companies, Inc. Conference Call

More than half the value of Bear Stearns, about $8.9 billion, was wiped out over the last 3 months…about $6 billion in the blink of an eye today. The market obviously reacting to the New York Fed bailout.

JPMorgan is providing secured funding to Bear Stearns for 28 days, and those loans will in essence be insured by the Federal Reserve. Schwartz said this move will help “restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations.” Many market experts believe Bear Stearns will be purchased within the next few days either by JPMorgan or some other bank…or by a foreign entity, which is least likely.

Jimmy Eats Wad
James Cayne, Bear Stearns Chairman, blew his wad of cash (on paper) after today’s tumble. Check this out.

Date	$ Per Share	Value
Jan 12, 2007	$171.51	$992 million
March 14, 2008	$30.00	$166 million

I guess losing $800 million bucks on paper would suck. Heck, I’ll take his $166 million if he doesn’t want it.

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Now This Is Happening — New York Buys Eli A New Carr, Gets A New Gov

Well, the prostitute mentioned as “Kristen” in a federal affadivit as giving former New York Governor Eliot Spitzer sexy time has been revealed.

Courtesy of MySpace.com

Ashley Alexandra Dupre (born Ashley Youmans), 22, is also an aspiring R&B singer…according to her MySpace. In her own words, she’s been through tough times.

I live in New York and am on top of the world. Been here since 2004 and I love this city, I love my life here. But, my path has not been easy. When I was 17, I left home. It was my decision and I’ve never looked back. Left my hometown. Left a broken family. Left abuse. Left an older brother who had already split. Left and learned what it was like to have everything, and lose it, again and again. Learned what it was like to wake up one day and have the people you care about most gone. I have been alone. I have abused drugs. I have been broke and homeless. But, I survived, on my own. I am here, in NY because of my music.

Looks like she’s got a bunch of support looking at her MySpace comments. Good thing. Right about now, E Spit has been relegated to the doghouse.

As hard as it is for me to even acknowledge ESPN’s John Clayton’s proficiency in the goings on of the NFL, I do. I admit it. He knows what he’s talking about most of the time even though his Skolnick appearance can be deceiving. Yesterday, he offered his Top 10 free-agent gambles. And just when I thought the No. 1 overall pick of 2002 was done for, David Carr rears his Harrington-like head around the corner in New York. I can’t believe I’m saying that. I used to be a huge fan. Now, I can’t imagine him even taking the job of my favorite overweight QB as he finally get his chance in the NFL. Oh wait. There’s still one in Oakland. Whew.

Um…raise your hand if you knew there was another Hulk movie coming out. Seriously, I’ve really been slacking. Normally, I’m on top of this info. if you haven’t already seen it, check out the The Incredible Hulk trailer. Another example of Ed Norton’s range as an actor. He can even turn into a CGI monster.

The Rockets won again. That’s 20! Are you shidding me?

Apply for the Discover® Open Road Card today! link goes direct to application

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San Antonio Is Crazy About Cornhole

I’m sure you’re wondering what the h3LL it is I’m talking about. Cornhole! You know…the game. In Texas, we know a game called washers…played in every backyard BBQ, tailgate, and college fraternity house in the Great State.

What Is Cornhole?
Well thanks to Incredible Technologies, the creators of the ever-popular Golden Tee, their latest video game BAGS is sweeping the nation. The game is based on midwestern sensation, Cornhole. The premise is similar to horseshoes…toss a bag filled with corn at a hole in a platform about 30 ft away.

Where Can I Play?
We’ve decided to start hosting Cornhole matches at RETOX on Sundays. My brother and I built some boards this week, stocked up on some bags…and we’re ready to rumble! You can find out where to play cornhole in your city on one of these Cornhole Forums: CornholePlayers.net and CornholeParty.com.

Cornhole In The Media
During a recent interview, Stephen Colbert talks to Congressman Zack Space about Cornhole.

American Cornhole Organization is an outfit dedicated to promoting this pastime across the globe. They manufacture products, organize leagues and tournaments, and promote the sport through various entertainment channels (TV, movies, viral, celebrity, etc) via its brand.

Of course, there’s also a movie. An indie so far, but don’t be surprised to see this one make the big screen. It’s about time for “the next dodgeball”. Go check it out at CornholeTheMovie.com.

Popularity: 33% [?]

Brett Favre Emotional Press Conference

Just a short while ago, Brett Favre held a press conference in which he delivered an emotional, tear-filled statement about why he’s leaving the game of football.

I’ve given everything I could possibly give…to the game of football. And I don’t think I’ve got anything left to give. And that’s it.

I think his performance day in and day out speak for themselves. For me, the most memorable game was the game against Oakland in 2003 the day after his father passed away. He lit up the Raiders…passing for 399 yards and 4 TDs in honor of his late father. Anyway, he’ll surely be missed. But we’ll no doubt see him in Canton soon.

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That Just Happened — Los Patrick Swayze Has The Cancer

Despite early reports that Patrick Swayze had 5 “weeks to live” after being diagnosed with pancreatic cancer, the Roadhouse star is said to have a “limited amount of disease”. Swayze’s doctor, George Fisher, added that “…reports stating the time frame of his prognosis and his physical side effects are absolutely untrue”. Dr. Fisher also said that Swayze shrugged off the treatments with a dogmatic statement: “Pain Don’t Hurt“. Best of luck, Pat.

Tonight, my San Antonio Spurs take on the Indiana Pacers (welcome home, Jeff Foster). Tonight is also Latin-themed night. Manu Ginobili is going to wear a jersey thought to represent San Antonio’s heritage. Um. “LOS SPURS” is the dumbest thing the Spurs have ever come up with next to the Taco Cabana Spurs logo. If it was truly in Spanish, it would be Las Espuelas. I hope we lose tonight. But we won’t ’cause we kick los ass!

Speaking of los kick ass, the Houston Rockets won’t stop losing. Last week when I talked about Yao Ming being out for the season, I also wasted no time writing the Rockets off as dead in the water. Hey…I might be wrong. Anything is possible. If you don’t remember Tracy McGrady’s 13 in 33 here it is. Talk about amazing. I was in a jam-packed Baker’s Street Pub in Houston watching this game with one other brave Spurs fan. The Rockets may pull it off if T-Mac stays healthy.

The uber-efeminate Christian Siriano claimed the top prize in the fourth season of Project Runway. I admit, I watched the show. It’s probably a subconscious result of starring at my unusually empty closet…and my undeniable lust for Heidi Klum. Anyway, I doubt any of you watched this show, but I couldn’t stand Christian. He’s cocky and arrogant. I don’t know who I can’t stand more: Christian or Ross The Intern. And, no, I’m not a homophobe. I’m a hard-core George Takei fan!

Popularity: 45% [?]

Kevin Borseth vs. Ed Harris

Last week, I wrote about Michigan women’s head basketball coach, Kevin Borseth, and his meltdown. I also added that he reminded me of Ed Harris…and apparently so did someone else. One of the DERRICH.com readers, Joe Sabia, was kind enough to send me the link to the video, which was added to YouTube over the weekend. Check it out.

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7 Ways To Spend Money From Uncle Sam

It’s not “free money”, Lesko!

It’s tax time! According to data from IRS.gov, the average return for a single person in tax year 2005 was $4,983 (estimate based on all income levels for taxable returns). Obviously everyone’s situation is different; however, whether or not I suck at math, I’m going to assume a majority of you will get some sort of tax return. And don’t forget those Economic Stimulus payments we are supposed to be getting in May. In most cases, these rebates will range from $300 to $600 for individuals.

So, what do you plan on doing with this money? Many believe it’s your patriotic duty to put that money right back into the economy. However, I’ve got 7 ideas to consider that are sure to add stimulus to your life.
Read the rest of this entry »

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