On Mar 27, 8:54 pm, LEROY KNEVIL <le...@[EMAIL PROTECTED]
> wrote:
> http://www.huffingtonpost.com/2008/03/27/bear-stearns-ceo-sells-hi_n_...
>
> NEW YORK -- Bear Stearns Cos. Chairman James Cayne on Thursday sold his
> holdings in the embattled investment bank ahead of its expected
acquisition
> by JPMorgan Chase & Co.
Another great facet of this is from when Republican Jimmy Cayne forced
Warren Spector out of Bear Stearns in October of last year. Part of
the reason Cayne fired Spector was because Spector had publicly
announced he was a Democrat. Cayne even censured Spector for this in
a company wide memo.
Well, the Democrat Spector sold his shares at the top and netted 2-300
million dollars.
At least Cayne got to sell his shares before other share holders and
fired employees who have no other source of income.
By the way when all this was going on Cayne was gone for 3 WEEKS
playing at the World Bridge Champion****ps.
From that repub rag the WSJ:
Where in the World is Bear's Jimmy Cayne? Playing Bridge.
March 14, 2008, 5:28 pm
Posted by Deal Journal
Kate Kelly, who covers Wall Street securities firms for the Journal,
updates us on the whereabouts of James Cayne.
Last year, when he was still chief executive of Bear Stearns Cos.,
James Cayne took heat for hitting the bridge circuit during troubled
times for his firm. Will the same rules apply to Cayne now that he's
chairman?
We'll soon find out. Thursday and today, as Bear fought off a pending
cash crisis that threatened to ruin its business, Mr. Cayne - who
relinquished his CEO title in January and become the firm's non-
executive chairman - has been in Detroit, playing in the North
American Bridge Champion****p.
So far, he's faring better than his firm. In the "Imp Pairs" event
Thursday, Mr. Cayne and a partner placed fourth out of 130, according
to figures from the American Contract Bridge League web site. (Bear
shares fell 7%.) The playing took place between about 1 p.m. and 5
p.m. in the afternoon and 7:30 to 11 p.m. in the evening, say insiders
- a period in which Bear CEO Alan Schwartz convened a series of
conference calls with directors, according to people familiar with the
matter, to discuss a pending cash pledge from J.P. Morgan Chase & Co.
and the Federal Reserve Board. Still, Mr. Cayne participated in at
least some of the dialogue, said one of these people.
The 74-year-old Mr. Cayne, who did not respond to a request for
comment left at his New York office, has been back in the game today,
says an attendee, amid the formal announcement of Bear's liquidity
infusion and its stock's 47% plummet. No word yet on his performance.
SUNDAY UPDATE: After fini****ng at No. 26 in the Imp Pairs event
Friday, Mr. Cayne returned east. Today he apparently has been present
for internal discussions at Bear about a possible eleventh-hour sale
to J.P. Morgan Chase or another suitor. Reached at Mr. Cayne's office
at Bear's Madison Avenue headquarters around 4 p.m., an assistant said
the chairman was in a meeting "upstairs" and wasn't available for
comment.
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