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)
13 thoughts on “Ouch [off topic]”
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51ck-6-51x says:
I don’t feel too sorry for him, obviously – but that’s a hell of a hit.
Landedgentry says:
So not enough for the mega Yacht and the private jet.
cyril says:
Oh poor thing – only $61 million. That’s only like winning the lottery 3 times.
Paul says:
It just goes to show that they didn’t know what they were doing otherwise this guy would have sold up long ago!
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.
mark says:
i think i would rather feel sorry for this guy than the wooden legged heather ripping into pauls money…
Blank Cheque says:
He’s been reduced to a life of luxury poor man.
Mind you watch BS shares rally strongly now!
plato says:
Looks like : $900 million imaginary money = $61 million in reality.
Unfashionably Old Fashioned says:
Wow! A senior banking guy actually got stung on downside risk….. Maybe there is hope after all.
layers says:
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.
bystander says:
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.
layers says:
@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.
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.