Cayne vs. Greenberg at Bear Stearns

Jimmy Cayne and his predecessor Ace Greenberg worked together for 40 years at Bear Stearns. Toward the end, many saw Ace, one of Wall Street's Grand Old Men, as a mentor to Jimmy, who was destined to take over as CEO. The truth was that the relationship was always uneasy. And now, after the near-collapse of the firm, an outright feud has erupted, according to the New York Times. Ace says Jimmy ignored his advice as the credit meltdown hit home. Cayne says that's not so. He has noted to colleagues that it was Ace who chaired the risk committee. This much is clear: Ace seems to have fared a lot better. He has been retained, at 80, as vice chairman emeritus at JPMorgan Chase. Jimmy, as the Times notes, has become "a public piñata," batted around by all. I still recall that incredible Wall Street Journal piece that recounted some of his pot-smoking exploits.

For more:
- here's the Times article

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