Richard Marin (investment banker)
Encyclopedia
Richard A. Marin was an American
investment banker at the former New York investment bank Bear Stearns
. He was ousted from his position as the head of asset management twenty-four hours after his blog
was publicized. The connection between the two events has not been confirmed.
Richard Marin attended Cornell University
, where he obtained his B.A.
in economics
and government in 1975. He then attended Cornell's business school
, the Johnson School, where he received an MBA in finance
in 1976. Upon graduation he joined the New York bank Bankers Trust
and built up the derivatives
business. He spent twenty-three years at Bankers Trust. After Bankers Trust was acquired by Deutsche Bank
, he became the chairman of Deutsche Bank Asset Management, Inc. In March 2000, he left Deutsche Bank to found and run Beehive Ventures LLC, a New York based venture capital
fund specializing in financial services. In June 2003, he was hired by Bear Stearns to be chairman and CEO of Bear Stearns Asset Management. His philanthropic activities include Cornell University and the Blue Heron Arts Center in New York City.
Two of Bear Stearns' hedge funds collapsed in June 2007 and needed to be bailed out, putting Richard Marin at the center of the news. The New York Times, covering this story, discovered that Richard Marin had a blog, entitled "Whim of Iron," and publicized this fact on June 28, 2007. The blog had mostly innocuous entries, chiefly concerning his critiques of movies, his travel to Saudi Arabia
and elsewhere, and how he lost weight after bariatric surgery
. It also stated that in dealing with the crisis over Bear Stearns' hedge funds he felt like Leonidas and the Sparta
ns fighting off the Persians in 300
. Twenty-four hours later Richard Marin was relieved from his major duties at Bear Stearns and shunted aside to a job as an advisor.
Richard Marin's blog was accessible on June 28, 2007. As of June 29, 2007 it ceased to be accessible to the general public, but many of its entries can be read through caches
.
After a several year absence, Richard Marin has returned to the world of blogging with a new venture, PickingYourSeat.com The site follows his earlier efforts in reviewing theatrical films, only this time with a slant towards the world of hedge funds.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
investment banker at the former New York investment bank Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
. He was ousted from his position as the head of asset management twenty-four hours after his blog
Blog
A blog is a type of website or part of a website supposed to be updated with new content from time to time. Blogs are usually maintained by an individual with regular entries of commentary, descriptions of events, or other material such as graphics or video. Entries are commonly displayed in...
was publicized. The connection between the two events has not been confirmed.
Richard Marin attended Cornell University
Cornell University
Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions...
, where he obtained his B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
and government in 1975. He then attended Cornell's business school
Business school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
, the Johnson School, where he received an MBA in finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
in 1976. Upon graduation he joined the New York bank Bankers Trust
Bankers Trust
Bankers Trust was an historic American banking organization. The bank merged with Alex. Brown & Sons before being acquired by Deutsche Bank in 1998.-History:A consortium of banks created Bankers Trust to perform trust company services for their clients....
and built up the derivatives
Derivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
business. He spent twenty-three years at Bankers Trust. After Bankers Trust was acquired by Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
, he became the chairman of Deutsche Bank Asset Management, Inc. In March 2000, he left Deutsche Bank to found and run Beehive Ventures LLC, a New York based venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
fund specializing in financial services. In June 2003, he was hired by Bear Stearns to be chairman and CEO of Bear Stearns Asset Management. His philanthropic activities include Cornell University and the Blue Heron Arts Center in New York City.
Two of Bear Stearns' hedge funds collapsed in June 2007 and needed to be bailed out, putting Richard Marin at the center of the news. The New York Times, covering this story, discovered that Richard Marin had a blog, entitled "Whim of Iron," and publicized this fact on June 28, 2007. The blog had mostly innocuous entries, chiefly concerning his critiques of movies, his travel to Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
and elsewhere, and how he lost weight after bariatric surgery
Bariatric surgery
Bariatric surgery includes a variety of procedures performed on people who are obese. Weight loss is achieved by reducing the size of the stomach with an implanted medical device or through removal of a portion of the stomach or by resecting and re-routing the small intestines...
. It also stated that in dealing with the crisis over Bear Stearns' hedge funds he felt like Leonidas and the Sparta
Sparta
Sparta or Lacedaemon, was a prominent city-state in ancient Greece, situated on the banks of the River Eurotas in Laconia, in south-eastern Peloponnese. It emerged as a political entity around the 10th century BC, when the invading Dorians subjugated the local, non-Dorian population. From c...
ns fighting off the Persians in 300
300 (film)
300 is a 2007 American fantasy action film based on the 1998 comic series of the same name by Frank Miller. It is a fictionalized retelling of the Battle of Thermopylae. The film was directed by Zack Snyder, while Miller served as executive producer and consultant...
. Twenty-four hours later Richard Marin was relieved from his major duties at Bear Stearns and shunted aside to a job as an advisor.
Richard Marin's blog was accessible on June 28, 2007. As of June 29, 2007 it ceased to be accessible to the general public, but many of its entries can be read through caches
Web cache
A web cache is a mechanism for the temporary storage of web documents, such as HTML pages and images, to reduce bandwidth usage, server load, and perceived lag...
.
After a several year absence, Richard Marin has returned to the world of blogging with a new venture, PickingYourSeat.com The site follows his earlier efforts in reviewing theatrical films, only this time with a slant towards the world of hedge funds.
External links
- Address for Richard Marin's blog: http://whimofiron.blogspot.com