Friday, March 28, 2008

Ouch [off topic]

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 (3440 views)
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13 thoughts on “Ouch [off topic]

  • I don’t feel too sorry for him, obviously – but that’s a hell of a hit.

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  • Landedgentry says:

    So not enough for the mega Yacht and the private jet.

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  • Oh poor thing – only $61 million. That’s only like winning the lottery 3 times.

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  • It just goes to show that they didn’t know what they were doing otherwise this guy would have sold up long ago!

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  • uncle chris says:

    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.

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  • i think i would rather feel sorry for this guy than the wooden legged heather ripping into pauls money…

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  • Blank Cheque says:

    He’s been reduced to a life of luxury poor man.

    Mind you watch BS shares rally strongly now!

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  • Looks like : $900 million imaginary money = $61 million in reality.

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  • Unfashionably Old Fashioned says:

    Wow! A senior banking guy actually got stung on downside risk….. Maybe there is hope after all.

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  • 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.

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  • 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.

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  • @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.

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  • it_is_going_with_a_bang says:

    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.

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