Open season on Cayne? A pot smoker?

You can say this about the "retirement" of Stanley O'Neal: it is making life very uncomfortable for Jimmy Cayne and Charles Prince. In fact, it seems like open season on Cayne anyway. The CEO of Bear Stearns has just been given Page 1 treatment by the Wall Street Journal. The much-discussed, 3,000-word article, generally about his bridge and golf playing during the recent crises, noted that "attendees say Mr. Cayne has sometimes smoked marijuana at the end of the day during bridge tournaments. He also has used pot in more private settings, according to people who say they witnessed him doing so or participated with him." Cayne says these reports are not true. These are not flattering representations. Shareholders have a lot to ponder already, as does the board. This adds to the list. One more rotten quarter may be too tough to swallow.  

For more:
- here's a Financial Times bit

Related articles:
- Man on the hot seat: James Cayne
- Bear Stearns reshuffles executives