Friday, Mar 28, 2008
Ouch [off topic]
New York Times: Down $900 Million or More, the Chairman of Bear Sells
Only a year ago James E. Cayne’s stake in Bear Stearns was worth more than $1 billion. But on Thursday, Mr. Cayne, the chairman of Bear, disclosed that he had sold all of his shares in the troubled investment bank this week for just $61 million.
Posted by 51ck-6-51x @ 02:16 PM (664 views) Add Comment
13 Comments
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1. 51ck-6-51x said...
I don't feel too sorry for him, obviously - but that's a hell of a hit.
2. Landedgentry said...
So not enough for the mega Yacht and the private jet.
3. cyril said...
Oh poor thing - only $61 million. That's only like winning the lottery 3 times.
4. Paul said...
It just goes to show that they didn't know what they were doing otherwise this guy would have sold up long ago!
5. uncle chris said...
Says all you need to know about "paper profits" really. In the end things are only worth what people are willing to pay for them - a fact many home sellers have forgotten along the way.
6. mark said...
i think i would rather feel sorry for this guy than the wooden legged heather ripping into pauls money...
7. Blank Cheque said...
He's been reduced to a life of luxury poor man.
Mind you watch BS shares rally strongly now!
8. plato said...
Looks like : $900 million imaginary money = $61 million in reality.
9. Unfashionably Old Fashioned said...
Wow! A senior banking guy actually got stung on downside risk..... Maybe there is hope after all.
10. layers said...
All - very well put indeed - except Mark, I have no opinion on Mills vs Mc!
But think about this, if you had personally been at the helm of a 157 year old bank (it's old at any rate) and allowed it to go broke - let alone all the staff who owned 1/3 of said organisation, and who probably don't have 10s of millions to fall back on like Cayne, would you be able to sit back and just enjoy retirment? So I wonder if Cayne (mark of Cain anyone) just returns to playing Bridge and golf at the country club, lunching and living without a care in the world? Would certainly show if he had a conscience or not, no?
And forget all the people's pension funds in the US who invested heavily BS!
Personally, I would find it so hard to live with myself and being rich would only mock me to my dying day.
11. bystander said...
Layers, you talk as if this man has a conscience. I seriously doubt you can rise so high in the cut throat world of high finance and still have one. So guilt free bridge and golf anyone.
12. layers said...
@bystander - Absolutely agree!! This is what I was trying to imply - or at least ask the question - so thanks, it's good to know others concur.
13. it_is_going_with_a_bang said...
He's 74 yrs old for heavens sake. What's he gona do with $62 million?
Although,I bet the inheritors - oh sorry I mean family .... - are gutted. For him of course.