Cayne sells stake in Bear Stearns for a pittance

Jimmy Cayne, ex-CEO of Bear Stearns, has taken a huge hit. His holdings in Bear Stearns were worth more than $1 billion a year ago. The New York Times reports he just sold his entire stake for just $61 million. Ouch! This seems to be symbolic more more than anything, and a capitulation. Obviously, he holds out very little hope that a higher bid will emerge--either that, or he doesn't care. His downfall will long be remembered on Wall Street, as will that memorable page one Wall Street Journal article that recounted his pot-smoking tendencies. He's still a wealthy man, but this is a bitter end to a colorful career. Many at Bear place the blame on him. You have to wonder what his mentor, Ace Greenberg, is thinking.

For more:
- here's the New York Times article

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