Richard Marin (investment banker)

Richard A. Marin (born ca. 1953) was an American investment banker at the former New York investment bank Bear Stearns. Since he was ousted from his position as the head of asset management twenty-four hours after his blog was publicized, he is probably the highest earning individual, as of June 2007, to have lost their job by being dooced (i.e., to lose one's job by maintaining a blog and discussing one's job in that blog).

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. [Parker Center, Advisory Board: [http://www.johnson.cornell.edu/parkercenter/advisoryboard/Marin.html Richard A. Marin] ] 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. [ [http://findarticles.com/p/articles/mi_m0EIN/is_2003_June_24/ai_104083378 "Richard A. Marin Joins Bear Stearns as Chairman and CEO of Bear Stearns Asset Management] Business Wire, June 24, 2003.] His philanthropic activities include Cornell University and the Blue Heron Arts Center in New York City. [Parker Center, Advisory Board: [http://www.johnson.cornell.edu/parkercenter/advisoryboard/Marin.html Richard A. Marin] ]

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. [ Julie Creswell, [http://www.nytimes.com/2007/06/28/business/28bear.html?ex=1340683200&en=617c00216cdc8108&ei=5088&partner=rssnyt&emc=rss "A New Genre on Wall Street: Bailout Blog,"] New York Times, 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 Spartans 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. [Yalman Onaran, [http://www.bloomberg.com/apps/news?pid=20601087&sid=akwNJl8jZulQ&refer=home "Bear Stearns Hires Lehman's Lane as Head of Fund Unit"] , Bloomberg.com, June 29, 2007.]

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.

External links

*Address for Richard Marin's blog: http://whimofiron.blogspot.com

References