Bloomberg did a good piece on Ralph Cioffi from Bear Sterns this morning.
The part at the end was really funny:
Now, with Bear Stearns hiring Jeffrey Lane, 65, from Lehman Brothers Holdings Inc. to run its asset-management division and assigning Thomas Marano, 45 and its top mortgage trader, to lead the $1.6 billion bailout, Cioffi may not be able to continue at Bear Stearns.
In a community where you’re only as good as your last trade, Cioffi’s sudden misfortune won’t get a lot of sympathy, said AllianceBernstein’s Foster. “A few bad bets and there you go. This is the name of the game unfortunately.”
The article makes our business seem like Hollywood, where an actor is only as good as his last movie.
I for one think fund management is more like Schumpeter’s creative destruction cycles. Just ask Brian Hunter. He’s back. Already.