Bear Stearns Cos. chairman James Cayne is finally shouldering some responsibility. He reportedly apologized to employees and shareholders for the fall of Bear Stearns at a shareholder meeting prior to the shareholders' final approval of J.P. Morgan Chase & Co.'s acquisition of Bear Stearns.
"I personally apologize. ... Words can't describe the feelings that I feel,"
Cayne said.
As far as we have heard, there wasn't a violin in the background. However, it is interesting that he decided to show up for a last-minute apology after not taking responsibility when
the firm began to collapse.
Cayne is no longer a shareholder in the
company. He sold all of his shares the day after J.P. Morgan sweetened
its bid to $10. - Maria Woehr
Bear Stearns Cos. chairman James Cayne is finally shouldering some responsibility. 
