RIP Bennet Sedacca
Posted: Tue Mar 24, 2009 10:21 am
From March 20
Bennet Sedacca, a money manager credited with being one of the first to warn that Bear Stearns Cos. - and, by extension, the U.S. economy - would be run over by a credit crisis, has died. He was 49.
Sedacca, chief executive of Atlantic Advisors Llc in Winter Park, Fla., died Tuesday of a brain injury suffered in a fall at his Orlando home, according to an e-mail from Chelsea Valencia, a colleague at the firm.
On the financial Web site Minyanville.com, Sedacca posted a red-flag announcement on March 5, 2008, that "the great credit unwind is upon us."
The posting, which focused on Bear Stearns, constituted "the first murmurings of impending doom for the financial world," William D. Cohan wrote in his new book, "House of Cards." Sedacca had monitored the credit default swaps of Lehman Brothers Holdings Inc. and Bear Stearns for months and had noted the rising cost of insuring their short-term debt, Cohan wrote.
