Bear Stearns Cayne Sells Stake for $61.3 Million Ahead of JPMorgan Deal

[Chadman]

Gee, here's a thought...maybe you and I shouldn't have to fund the bailout of Bear Stearns, or secure the loan to buy them out, until this guy has to take responsibility for running the company into the ground? Maybe some of his cashout should be on the table for some of this?

Bear Stearns CEO Cayne sells stake

Bear Stearns Cayne Sells Stake for $61.3 Million Ahead of JPMorgan Deal
AP News

Mar 27, 2008 16:06 EST

Bear Stearns Cos. Chairman James Cayne on Thursday sold his holdings in the embattled investment bank ahead of its expected acquisition by JPMorgan Chase & Co.


Cayne sold 5.66 million shares for exactly $10.84 a share for $61.3 million. However, it was not known if those shares were dumped into the open market or if Cayne sold them to another party.

A spokesman for Bear Stearns would not comment on the sale.

JPMorgan has offered about $10 per share in its acquisition of Bear Stearns. That was increased from the original offer of $2 per share amid speculation that major shareholders would not accept the deal on those terms.

Shares of Bear Stearns have traded above the prices offered since the deal was announced as some investors felt a rival bid might be in the offing. There has also been speculation that Cayne might try and muster a competitive offer with Joseph Lewis, a billionaire financier who is Bear Stearns' second-largest shareholder.

Telephone calls to Lewis were not immediately returned. Yeah, no shite...

Bear Stearns shares rose 2 cents to $11.23 in trading Thursday. JPMorgan shares fell $1.25 to $42.86.

 

[ga_ben]

God help me, Chuck Schumer and I agree on something.

http://biz.yahoo.com/ap/080329/countrywide_financial.html?.v=3

WTF?

 

[Chadman]

Don't you just love the silence from conservatives when items like this are posted around here? I can understand not being able to defend the actions, of course. He's certainly not the only one to do this, but of course, this guy probably will put some people to work on his new estate somewhere, and I doubt they'll be documented...

No doubt this will be his level of concern, after his tenure and the responsibility of ruining a company - :mj18:

 

[ga_ben]

Chad I'm fairly conservative but I call 'em like I see em and this has my bullshit meter off the charts. This golden parachute should not open.

As far as Bear Stearns I think its time one of these companies is left holding the bag w/out a bailout possibility. No one learns their lesson if there aren't any consequences.

 

[The Sponge]

Maybe the guys who monitor for terrorism could monitor these guys like how they caught Spitzer. Since they did a good job catching Spitzer im sure they could do just as good of a job with these type of people.