The market for scandal-ridden finance merchandise keeps getting pricier.
Among the littany of Bear Stearns golf balls, teddy bears, and tote bags on eBay, one of the top price getters is a holiday card signed by recently indicted former Bear Stearns hedge fund manager Ralph Cioffi, with the bidding now at $81.
Cioffi, was arrested and arraigned on charges of conspiracy and securities fraud last week after a federal criminal probe into the collapse of two funds he oversaw.
The disintegration of Cioffi’s funds helped kick off the credit crisis last summer, but we’re stumped at what’s behind the high bid for the holiday card.
The eBay bidders seem to find it even more appealing than the business card of Samuel Israel III, the fugitive Bayou Group hedge fund manager who engineered the $2 trillion hedge fund industry’s most brazen and long-running fraud and most recently faked his suicide. Israel’s card sold for just $61 last week.
So how do you think Cioffi’s card became more valuable Sam Israel’s?
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