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James Cayne added insult to injury has he sold his last $61 million in stock. He got slight ly more than $10 a share. When the stock traded above $170 lost year, he was a bit better off. According to MarketWatch, "Cayne and his wife sold two large blocks of more than 5.6 million Bear Stearns shares."
Cayne will take a beating for cashing out while many Bear Stearns (NYSE:BSC) employees lose their jobs in a takeover by JP Morgan (NYSE:JPM). He had been kicked out of the CEO job by his board. While he has much responsibility for the collapse of the firm, he has lost most of his fortune, and is in his seventies.
Cayne took what he could before the deal faces potential reviews by Congress. The transaction could still fall apart and take the stock to zero. Cayne will be long gone then, back to playing bridge, golfing, and allegedly smoking pot.
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