Bear Stearns' Cayne Sells Once-$1 Billion Stake For $61 Million

61 millions is a nice chunk of money he can retire on, and live the rest of his life in luxury..unlike most of Americans who are losing their jobs, their benefits and their homes, the opportunity to educate their children, etc...I do not feel one bit sorry for him..Actually his assets should be frozen until we find out whether he did anything illegal.If he did not ( I am willing to give him the benefit ofthe doubt) he could keep them, if he did the money should be used to help homeowners in trouble....

Isn't this what Bush Jr. did in Texas before he was governor? I think I read that somewhere and his dad had all the evidence classified like his driving record.

Poor guy, he needs urgent financial help from the taxpayers. Oh, no!.. the taxpayers are already helping out JP Morgan, Bechtel and Halliburton.

Our taxes, Federal and State payroll taxes fund the government and it's operations you moron.

Let me guess, after convincing Jamie Dimon that BS was worth five times the original estimate, his broker and some two-dollar guy on the floor anonymously working for JPM "met on the floor" and made the trade. Now the stock can tumble back to its true worth, $2.00 a share.

Nothing's "illegal or immoral" when it comes to the GOP money mongers, remember they are after all the party of the "MORAL MAJORITY'.
Enron, Halliburton, Bears/Sterns, and on and on. But McBush says to the peons, just go get another job, or maybe three jobs you whinners!

I wonder how many "middle class" investors of this now defunct firm will have the opportunity to
get $10.+ on their shares? This story reminds me of the Martha Stewart case.

Just 63 million dollars? The poor man will have to live in abject poverty.

Please explain to us out here how the CEO of Bear Stearns gets to sell his stock for $10/share AFTER the feds agree to back JP Morgan. What that means is that the feds have assured this failed CEO a bonus for botching his job. This amounts to criminal behavior in my estimation. He allows his company to engage in dicey financial games, watches it go down in flames, and then is allowed to benefit while thousands of honest taxpayers lose their homes. It is our money that is making his windfall possible. He shouldn't be allowed to sell his shares at the inflated rate of $10 when it is our money that is blowing all that air into them. This country needs major regulation in the financial markets before there are no more payers to tax!

If the greedy and shortsighted REPIGS didn't use their campaign contributions to influence our corrupt politicians to roll back all of these regulations, we wouldn't be in this CRISIS now.

But, the irony and disparity in all this, is that those who SCREWED the unsuspecting PUBLIC, is getting bailed out FOR screwing us - WIN/WIN , and the SCREWEE (us) are PAYING these thugs for screwing us.

So far, foreclosures are still a major problem for the public, with NO BAILOUT from DC - unless you want to count $600 a bailout.

This is an abominable DISGRACE

Geez, folks, could you please cut the guy some slack - He will need much of this 61 mill to remodel that 28 million dollar estate, he purchased shortly before the fall.

However, there is a rumor he will rent out bedrooms to former employees, or put them to use tilling his gardens, ala Louis XIV.

So many speak of his employees suffering - What about the customers who were led down the primrose path? Wasn't it as recently as '98, when Bear Stearns didn't want the Government to step in and bail out that mess in the Caymans? The same Cayman deal BS employees touted until it crashed into the sea with a slew of their customers investments.

and when're we getting our $30 bil back?

Isn't there some "ILLEGALITY" associated with this action?

I cannot imagine he is able to benefit from OUR TAXPAYER BAILOUT!!!!!!!!!!!!!

What else is new? Employees get the shaft while the CEO gets a nice fat severance package.

It reminds me of the AA human resources director who said that if pilots wanted a raise then maybe they should have gone into management instead of becoming pilots. Last time I looked AA was in the business of transporting people and it needed people to fly the planes. So why short change the people who make their business happen???

So Who Loaned the Money to Offer such a Phat Deal . Who's money gave him the opportunity to make 'Such a Killing"? WE Want our Money BACK and then the what ever is left he can Square with his Foreign Investors- on their Soil.

How could this be? The thieves that caused a company to go bellyup are still raping the very people they stole from even after they caused the financial disasters. Whatever happened to the MORAL HAZARD DOCTRINE that says the poor must pay a copay for medical services amd medications. The poor who go bankrupt must still pay something for going bankrupt. Yet, those that cause companies to become financial disasters receive retirement bonuses, retirement pay, resignation payment in the millions and hundreds of millions and are still allowed to reap further benefits even after their failure has been exposed. Pray tell, where is the MORAL HAZARD DOCTRINE for those culprits. They should be placed behind bars.

One more example of a compliant administration and Congress. Why isn't this guy broke, having run a major financial insitutition into the ground with irrepsonsible business practices? Why isn't he being prosecuted? Hang on, Bush-McCain-Clinton, it's more of the same with no reform in sight.

Umm, just wondering how all the financial experts here KNOW that Bear Stearns was truly wrecked? I mean, more so than, say, Lehman Bros? Or don't you have TinFoilHats?

I put mine on every time I see the Morgan brand, and I know I will never be disappointed that they are screwing untold numbers of people. Or did it never occur to you that JPMC and the Fed in collusion were running a scam on you?!

Consider, 38% of shares owned by employes, and 9.x% by Joe Lewis ... and the first $2/share offer tanks against a building woth a billion. And BS shares still trading after that weekend 'offer'. Now, a 're-evaluation', yeah. But rest assured, no tax dollars were injured in the making of this travesty.

Not right! He needs to give at least a third of it to his former employees who had 1/3 ownership of the company and have now lost everything. And if he doesn't -- HE NEEDS TO GO TO PRISON.

Take heart -- the old bugger can't take it with him.

Poor Boo Boo. I bet this is half of what it was worth last week.

I weep for him.

So, this guy walks away with all this money after running the company into the ground, and then the public taxpayers foot the bill to bail them out? How much jail time? WTF?! This country is lost.

A government that finances private companies?
I hate to break this to all you policoes on the far right but, that's COMMUNISM kiddies.

New Rule:
If your company goes under, you go broke!
No more will CEOs rape and pillage then walk away scott free.

Let me see if I can get this right:
"And, if you don't like it exectutives, you can alwasy move to another country!"

How'd I do BUSHIES?
That argumemt is usually your stock and trade but I thought I'd give it a whirl.

I'm glad Mr. Cayne is gonna' be fine.
I was so worried about him!
Never mind the 'little people' who invested in his fraudulent company and lost their entire life savings....I'm just glad this multi-millionaire crook made out okay.

"It is easier for a camel to fit through the eye of a needle than it is for a rich man to enter the kingdom of Heaven."
Jesus of Nazareth

Have fun in Hell Mr. Cayne!