Genentech And The Bear Stearns Bailout
So guess which analyst happened to be selected first to query Genentech management at the start of the Q and A portion of the biotech company's analyst meeting?
Yep. Mark Schoenebaum from Bear Stearns . When they get the mike, the analysts all state their names and the firms they work for. And as soon as Schoenebaum said, "Bear Stearns", Genentech CEO Art Levinson yells out, "You mean there's somebody from Bear Stearns still here?" The room erupted in laughter.
Schoenebaum came back with a quick retort, "You guys (the Genentech team) do great work," jokingly hinting he might need to butter them up for a job soon. Genentech's CFO, David Ebersman, used to be a sell-side analyst. By the way, I'll be doing a "First On CNBC" interview with Ebersman on "Closing Bell" at 3 p.m. ET today.
And then toward the end of the Q and A session an analyst gets the mike and once again prefaces his question by introducing himself, "Geoffrey Meacham with JPMorgan...soon to be the parent company, I guess, of Bear Stearns."
Laughter ensues. The meeting ends.
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