In lieu of flowers, donations can be made directly to Bear Stearns former chairman

“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.”

“Mr. Cayne, unlike many lower-level Bear executives who had large portions of their net worth tied up in stock, also had the benefit of receiving large portions of his yearly compensation in cash. So, he has certainly accumulated enough to live out his retirement years in comfort.”

You really have to ask some questions about a culture where cashing out for $61m is seen as a tragic defeat. Something is wrong here. Hmm.

{Read more – NYT}

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One response to “In lieu of flowers, donations can be made directly to Bear Stearns former chairman

  1. Awww… I should really givehim some of the $26 I made tonight. How else will he pay the electric bill in his 20,000 square feet residence?

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