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Bear Stearns chairman parts with his share
UPI
March 28, 2008
NEW YORK (UPI) -- James E. Cayne, chairman of collapsing bank Bear Stearns, has sold his entire investment in the bank for $61 million, sources said.
Cayne, who has worked at the bank since 1969, is seeking to break away from the bank financially and emotionally, The New York Times reported Friday.
7 comments:
Read FREE LUNCH. As long as we tolerate it it will continue to happen and esculate. It really doesn't matter which of the main candidates we pick, by the time they get to where Barack and Hillary are they are well into the money loop. Contact people like Mike Gravel, Carl Levin, Debbie Stabinaw, Dennis Kuchinch, tell them over and over if we don't like
it. Guess who...
What is amazing about Cayne's compensation is that if he had cashed in his stock advantage last summer he would have gotten about 1 Billion dollars. Something is wrong here.
Yeah, it sounds like a lot of money, but it's a mere fraction of what he thought he was being paid all these years. It's actually a pretty good example of capitalism working, because the reality is that this guy lost over $900 million the past few weeks. $61 million seems like a lot, but it IS all relative.
Apparently, the final value of Bear Stearns is approximately the value of the company's Manhattan headquarters. In the end, the shareholders just sold the building.
It's sure not relative to my teacher's pocketbook! Alice
LOL... Let me put it in this perspective: Instead of being able to buy, say, Saginaw, this guy only has enough dough to buy Merrill.
P.S.: I certainly think teachers should be paid better. But I hope you didn't go into that line of work hoping to get rich.
Banks know that nobody wants to work at a bank. Bankers go into that line of work to get rich.
You guys make me feel better. It's good to know that he lost millions on the collapse.
That's a part of the story that I was blind to because I was so overtaken by the enormity of the failure and the picture of the government's bailout.
As Alice notes, these are all numbers beyond my reckoning, although I can assure you, I never did anything to be worthy even one million let alone those big salaries and benefits. I was and still am, a mere peon in the capitalist society!
Bud
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