Danny Moses
You're completely sure of the math?
Jared Vennett
Look at him, that's my quant.
Mark Baum
Your what?
Jared Vennett
My quantitative. My math specialist. Look at him, you notice anything different about him? Look at his face.
Mark Baum
That's pretty racist.
Jared Vennett
Look at his eyes, I'll give you a hint, his name is Yang. He won a national math competition in China, he doesn't even speak English! Yeah I'm sure of the math.
J Jiang
[To the camera]
Actually, my name's "Jiang", and I do speak English. Jared likes to say I don't, because he thinks it makes me seem more "authentic." And... I placed 2nd in that national math competition.
BM Bruce Miller
As some of you may know, Bear Stearns has just received a loan from JP Morgan. Of course, we're gonna have to wait and see how the markets react, but that should lay to rest any concerns about the bank's health.
DH Debate host
Now, I take it you have no plans to sell your $200 million in Bear stock?
BM Bruce Miller
No, as a matter of fact, when we're done here, I'll probably go out and buy some more. [Crowd lightly chuckles]
DH Debate host
For the opposing view, Mr. Baum.
Mark Baum
I got to stand for this. [Takes the microphone and stands] Okay, hi. My firm's thesis is pretty simple. Wall Street took a good idea, Lewis Ranieri's mortgage bond, and turned it into an atomic bomb of fraud and stupidity that's on its way to decimating the world economy.
BM Bruce Miller
How do you really feel? [Crowd laughs]
Mark Baum
I'm glad you still have a sense of humor; I wouldn't if I were you. Now, anyone who knows me knows that I have no problem telling someone they're wrong...
Danny Moses
[In the crowd, looking at Bear Stearns' stock price live on his Blackberry, showing Vinny and Porter; they speak in hushed whispers] (Bear Stearns is denying rumors of liquidity problems...Holy ****, it's 39 now!)
Mark Baum
...is not so enjoyable. We live in an era of fraud in America. Not just in banking, but in government, education, religion, food, even baseball. What bothers me isn't that fraud is not nice or that fraud is mean. It's that, for 15,000 years, fraud and short-sighted thinking have never, ever worked. Not once.
Danny Moses
(Jesus, Bear at 37. Bear's at 37.)
Mark Baum
Eventually, people get caught, things go south.
VD Vinny Daniel
(Plummeting.)
Danny Moses
(It's **** plummeting, man.)
Mark Baum
When the hell did we forget all that? I thought we were better than this, I really did. And the fact that we're not doesn't make me feel alright and superior. It makes me feel...sad.
Danny Moses
(Every time I **** hit "refresh", it's dropping, man. Every time.)
Mark Baum
And as much fun as it is to watch pompous, dumb Wall Streeters be wildly wrong, [To Miller] and you are wrong, sir, I just know, that at the end of the day, average people are going to be the ones that are going to have to pay for all this. Because they always, always do.
Porter Collins
(It's 32. 32.)
Danny Moses
(It's **** tanked, man.)
Mark Baum
That's my two cents, thank you. [Sits down]
Porter Collins
(Let me drop a deuce on Deutsche)
.
DH Debate host
Does our bull have a response?
BM Bruce Miller
Only that, in the entire history of Wall Street, no investment bank has ever failed unless caught in criminal activities. So, yes, I stand by my Bear Stearns optimism.
MI Man in crowd
Mr. Miller, I'm sorry, quick question. From the time you guys started talking, Bear Stearns stock has fallen more than 38%. [People in the crowd start murmuring in surprise] Would you still buy more?
BM Bruce Miller
[Trying to be optimistic]
Y-yeah, sure...of course I'd buy more. Why not?
Mark Baum
BOOM.
