The New York Stock Exchange, obviously stuck for credible candidates mid-summer, hauled the Bear Stearns (NYSE: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