Friday, March 28, 2008

The cupboard was not completely bare for the Cayne bear….although alot less than if (unlike Adam Applegarth) he had bailed out sooner……!

Cayne sells stake in Bear for $61m

Jimmy Cayne, a one-time travelling salesman who became a paper billionaire last year as chief executive of Bear Stearns, has sold his entire stake in the investment bank for a little more than $61m. According to a filing with the Securities and Exchange Commission, Mr Cayne sold 5.6m Bear shares for $10.84 each on Tuesday, a day after after JPMorgan Chase agreed to raise its bid for the stricken investment bank fivefold to $10 a share. Mr Cayne’s wife, Patricia, sold 45,669 shares at the same price.

Posted by anne kent @ 06:41 PM (2340 views)
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