Stupid Closing Bell Tricks: Bear Stearn Alerian

The New York Stock Exchange, obviously stuck for credible candidates mid-summer, hauled the Bear Stearns (BSC) gang in for Thursday’s closing bell, to mark the Jul. 20 launch of the BearLinx Alerian MLP Select Index ETN (BSR)*.

Senior managing directors Bruce Jaeger and Bill Bamber took a few hours away from their failing midtown den of thieves for the pointless ritual circle jerk at the failing downtown den of thieves, so doubtless everyone felt at right at home.

Appropriately enough, BSR—which invests in energy-focused master limited partnerships—finished the day down 3.89 percent, at $32.59, bringing its slide from the Jul. 20 opening trade of $38.77 to a mere 16 percent. Cause for celebration indeed, all things considered.

* BSR: Bear Stearns Rubbish.

Earlier on NakedShorts:

Jul. 23: The world’s first all-BS ETF

Comments

[WKFord:]

Not the most informative, polite, or professional blog I've seen. I guess you must have an axe or two to grind.

2007 Aug 17 12:37 PM

[ferretrx:]

Greg, You're on the money. Now I'm going to go back and read some of your previous commentary.
Years ago, I observed that on Wall St. new investments were greeted with skepticism. Eventually, it would win over some people to try them. As it gains adherents, it gradually becomes not only acceptable, but
mainstream. Next it becomes a religion. Then it becomes so exploited and preverted that the seeds are planted for its failure. When was the last time you heard a commercial for people looking for a mortgage with "less than perfect credit"? The investment houses create these products for their own benefit and
for the "institutional" accounts. Remember Zero Coupon Bonds? The big boys kept the income stream
and sold the principal. That gave them the opportunity to use those funds to buy more of the same and
increase their yield.
The Ferret

2007 Aug 17 02:02 PM