The new book House of Cards — one of many financial collapse books that will hit bookshelves in the next few months — has a great rant from Jimmy Cayne, the former Bear Stearns CEO, who evidently didn’t like Tim Geithner, then President of the Fed’s NY branch, very much. Heidi Moore at Deal Journal has an amazing excerpt:
Asked about Geithner’s comments and his decision regarding opening the discount window to Wall Street after Bear had been sold for $2 a share and not earlier, Jimmy Cayne became spitting angry.
“The audacity of that p—- in front of the American people announcing he was deciding whether or not a firm of this stature and this whatever was good enough to get a loan,” he said. “Like he was the determining factor, and it’s like a flea on his back, floating down underneath the Golden Gate Bridge, getting a h—-o-, saying, ‘Raise the bridge.’ This guy thinks he’s got a big d—. He’s got nothing, except maybe a boyfriend. I’m not a good enemy. I’m a very bad enemy. But certain things really—that bothered me plenty. It’s just that for some clerk to make a decision based on what, your own personal feeling about whether or not they’re a good credit? Who the f— asked you? You’re not an elected officer. You’re a clerk. Believe me, you’re a clerk. I want to open up on this f—-r, that’s all I can tell you.“
The excerpt actually runs several hundred words, and is well worth reading. Skip over to Deal Journal to check it out.
Business Insider Emails & Alerts
Site highlights each day to your inbox.