April 3, 2008
James E. Cayne and the Bear Stearns Collapse
The chair of Bear Stearns, James E. Cayne, was a high flier -- brash and self-important. He held 1$ billion in Bear Stearns stock. After the collapse of Bear Stearns, his stock, which he sold, was worth $61 million. Ordinary folks will not cry for him (he still has loads of money) but he did lose $940 million dollars in less than one year. He also lost his false pride. His brashness now does not play well on the street. Recall the stories of how he refused to come off the golf course or the bridge table when problems were brewing. He has been humiliated and is ashamed and should be ashamed and others on Wall Street should note his example. Rumor has it that he is turning to religion to help himself explain his predicament. He does not need religion. He should read Fitzgerald.
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