Entries tagged "Jimmy Cayne"
A few interesting comments came back on my post Monday discussing DealBook's Steven Davidoff's outrage at the notion that the big guys at Bear Stearns Cos. were getting off (relatively) freely. The comments raise the grab-bag of arguments that often circle this issue. First, these guys were getting rich with other folks' money, but there was no symmetrical punishment on the downside for losing it. Second, these firms need to invest their money into "productive" versus "unproductive" ventures. Third, to establish accountability, we should make traders invest some of their own money into every situation along with their firm. ...
Steven Davidoff offered up what he describes as a "polemic" on DealBook, excoriating Ace Greenberg, Jimmy Cayne, Alan Schwartz and the Bear Stearns Cos. board for getting out of town with their millions. If the comments are any indication, Davidoff has struck a vein. He's right, of course, that it's totally unfair by any measure to can administrative staff who were innocent of wrongdoing and allow those who oversaw the firm and its ultimately disastrous strategy to move on, with or without jobs at J.P. Morgan Chase & Co. We saw the same scenario at Enron, but at least some...
In a terse blog post about an appearance on CNBC of Bears Stearns Cos. CEO Alan Schwartz, who pointed fingers at the media and just about everyone else for the bank's collapse, Silicon Alley Insider's Henry Blodget concludes Schwartz (pictured near right) is responsible for the bank's fall from grace, but SAI makes no mention of former chief Jimmy Cayne (pictured far right)....
Jimmy Cayne sold all of his stake in Bear Stearns Cos. the day after J.P. Morgan Chase & Co. sweetened its bid to $10.00 a share for the troubled bank, according to an SEC filing. On Tuesday, Cayne sold 5,612,922 shares at $10.84, leaving him with no shares in the company. Additionally, his wife also sold 45,669 shares at $10.84. Shares of Bear Stearns closed up 0.18% at $11.23 in normal trading. Cayne's action indicates an even higher buyout price isn't likely -- either that or he needed cash to pay for his new apartment at the Plaza. - Matthew Wurtzel...
Bear Stearns Chairman Jimmy Cayne cut short his vacation plans to fly back to New York this weekend and help rescue his firm. So where was Cayne? Detroit. Specifically, the SPRING 2008 North American Bridge Championships....
Earlier in the week, the New York Post's Page Six column noted that Bear Stearns Cos. chairman Jimmy Cayne (pictured at left) bought two adjacent 14th floor apartments at The Plaza for $28 million, joining Ken Moelis as a dealmaker calling the landmark building home. However, as Bear remains on the skids, Cayne's fortunes, which are tied in large part to the bank, have also slid. ...
