And so a new era begins at Bear Stearns. I see this as a somewhat sentimental transition: Jimmy Cayne was one of the Grand Old Men of Wall Street, as was Ace Greenberg, his mentor. They really ran the firm the old-fashioned way, as a partnership, which the top firms no longer are. The new guard--exemplified by John Thain and Lloyd Blankfein--are more technocratic and sold on the idea of managing large public companies, which is a good thing. So this is progress at Bear Stearns, but it may also spell the end of the firm as we know it. You would have to think all the rebuffed suitors are interested once again. Alan Schwartz is a savvy guy--we'll soon see what he's planning. - Jim