Bagby Steps Down at AG Edwards

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May 15, 2008 4:35 pm

"Former chief executive Robert Bagby has retired in the face of intense animosity from many A.G. Edwards employees."


You know you don't have many (or any) friends left when you have your retirement announced 15 days after you've already left.... 
I wonder what took him so long?
 
 
May 15, 2008 4:51 pm

 Not really up to date on why the animosity at their firm, but I would say you are ducking some serious heat or animosity to officially retire and hold off on the announcement for 15 days afterwards.

May 15, 2008 10:57 pm

Goodbye well-run, free-thinking, entrepreneurial broker/dealer, hello bank in distress.  Good luck, folks!  BTW, how has that WB stock been doin' since this merger was announced?  The smart one hit the door months ago.....

May 16, 2008 7:05 am

Soothsayer, did the smart ones leave to go to Smith Barney (C) or Merrill? Because they are immune from the credit crisis, right? BTW, how has the market done in the last year since the merger was announced? Seems to me Bagby got top dollar for AGE.

May 18, 2008 10:26 pm

you got to give it to Wachovia. They knew just when to trade that stock. What a tragic deal for AGE shareholders, employees and brokers.

May 19, 2008 12:51 am
SeriousMoney:

you got to give it to Wachovia. They knew just when to trade that stock. What a tragic deal for AGE shareholders, employees and brokers.


No one forced employees and shareholders to take the Wachovia stock lol...we all had 4 months to sell at an all time high...oh BTW I did do that with a big portion of mine  when it was 80+ per share lol!
I am not crying because of the better platform more products and nice retention bonus. All of my competitors have taken similar hits in their stock prices and most are in worse shape as far as the credit crisis is concered. UBS, Citi, Merrill etc etc etc.

May 21, 2008 7:00 pm

Bonddesk is a joke.  Compare Bonddesk offerrings to where new issues muni's are coming.  Most offerrings are 20bps lower in yield, not including your credit.  Wachovia's desk marks up bonds, in many cases a full point for the desk. AGE did not do  that.

May 21, 2008 7:11 pm
SeriousMoney:

you got to give it to Wachovia. They knew just when to trade that stock. What a tragic deal for AGE shareholders, employees and brokers.

 
Tragic?  How so?  Wachovia paid a premium to the ALL TIME HIGH PRICE right before B/D's went into the toilet.  Now AGE was not involved in the subprime mess, but can you honestly say if the deal had not been done, you could get $90 a share?  I highly doubt it.
May 21, 2008 7:13 pm
mnbondguy:

Bonddesk is a joke.  Compare Bonddesk offerrings to where new issues muni's are coming.  Most offerrings are 20bps lower in yield, not including your credit.  Wachovia's desk marks up bonds, in many cases a full point for the desk. AGE did not do  that.

 
Coming from a state that is difficult to find issues (impossible in Bond One), I think Bond Desk is very good. 
May 21, 2008 7:14 pm

have you looked at Stifels stock lately?  Compare that to WB

May 21, 2008 7:15 pm
mnbondguy:

have you looked at Stifels stock lately?  Compare that to WB

 
Only down 10% since last May, my point was AGE may not have been hammered, but would probably still be down being they are in a sector that has been decimated.  Appreciate you making my point for me.
May 21, 2008 7:25 pm

First time post, long time follower.  Where did Zacko go?  Actually busted Sabi for posted during mkt hours (did not get him in trouble, just a PM).


Anyway was hoping the real story would come out, but here it goes. 
 
Bagby was at Charlie Z's retirement party and touched a fellow lady employee inappropriately (a former higher ups admin).  Danny, probably directed by the bank guy overseeing the whole takeover had to let him go. 
 
Strictly rumor, but he had $700k gambling debt at Harrah's poker room, word is that's why he had to sell the company.   
 
To the earlier post about taking his 10mil and running, actually after having taxes paid it's closer to 60mil plus healthcare for life for him, his wife, and kids. 
 
To give him credit, he could not have picked a better time to sell, at the top.
 
Oh and BTW the divorce is pending.  His wife went to Paris with out him back in 5/07 when the deal was going down to celebrate their 25th anniversery.  Maybe she will need a new broker.
May 21, 2008 9:12 pm

Not exactly the details of the story I was told, but close enough.  I can tell you the gambling debt rumor is false.

May 21, 2008 10:22 pm

and which state is that?? I probably sold more muni's last week then you have sold in your career.  Anybody with 2 brain cells and a bloomberg knows bonddesk is a joke.  Almost all the offerrings that show up as the banks offerings are actually owned by some hedge fund thats pumping them into retail at 2 points above the idc/kenny eval. Test the system, pull up one of the 20 yr offerings, and submit that cusip in for the bid...Trust me,  you will find tighter two sided markets at a pawnshop. 

May 21, 2008 10:24 pm
Primo:

Not exactly the details of the story I was told, but close enough.  I can tell you the gambling debt rumor is false.


And what did you hear...spill the beans

May 21, 2008 10:32 pm
Primo:
mnbondguy:

Bonddesk is a joke.  Compare Bonddesk offerrings to where new issues muni's are coming.  Most offerrings are 20bps lower in yield, not including your credit.  Wachovia's desk marks up bonds, in many cases a full point for the desk. AGE did not do  that.

 
Coming from a state that is difficult to find issues (impossible in Bond One), I think Bond Desk is very good. 
 
I am happy you sell a lot of muni's.  Good for you.  Coming from a state that is difficult to find issues (impossible in Bond One), I think Bond Desk is very good.  I did not say well priced.  I did not say I sold that many muni's.  I said it is nice to have in state offerings finally!!!  This is an upgrade for me over what was available previously, as is the vast majority of Wachovia's platform.
May 21, 2008 10:33 pm
nestegg:
Primo:

Not exactly the details of the story I was told, but close enough.  I can tell you the gambling debt rumor is false.


And what did you hear...spill the beans

 
Bagby, booze, party, woman not his wife.  As I said, details slightly different but close enough to get the idea.
May 21, 2008 10:50 pm
Primo:
nestegg:
Primo:

Not exactly the details of the story I was told, but close enough.  I can tell you the gambling debt rumor is false.


And what did you hear...spill the beans

 
Bagby, booze, party, woman not his wife.  As I said, details slightly different but close enough to get the idea.


Was this a recent thing?

May 23, 2008 8:46 pm

Just to be clear, I think all  the electronic platforms are a joke, bondtrac, muni center, etc.  I don't know how Indy's get bond business done unless you are actually have your own inventory to work.  I believe Wachovia's Indy side has access to the WB inventory, not just the overpriced stuff on bonndesk.  There is no substitute for real traders and relationships.  That is the  only way to get fair executions for you clients....Most firms give their brokers a much better price then  they show on the platforms.

May 23, 2008 10:09 pm