Bear Stearns Cos. (NYSE: BSC) Chief Executive Jimmy Cayne and his one-time protege Warren Spector attended the National Bridge Championship in Nashville in July just as the credit markets were starting to implode, showing how much their priorties were out of whack.

Spector, who was fired Sunday as the subprime meltdown engulfs the Wall Street bank, actually won his first national championship in the four-day competition which attracted about 5,000 people from 18 countries, according to Rick Beye, the tournament's director. Spector achieved the designation of Life Master at young age the age of 16. I guess he didn't discover girls until later.

Cayne's prowess at bridge is legendary. He's been a world-class bridge player for more than 30 years. Among his many titles are Grand Life Master, the highest rank of the American Contract Bridge League. Neither Berkshire Hathaway Inc. (NYSE: BRK.A) Chief Executive Warren Buffett nor Microsoft Corp. (NASDAQ: MSFT) Chairman Bill Gates, who are both avid bridge players, are close to being that good.

Of course, the bridge connection to the subprime meltdown will make it tougher for bridge to market itself as a game that's fun for players under 75. There is even a Web site called bridge is cool aimed at teens and there was a college competition at the tournament..

Of course, being a champion requires a single-minded persuit of excellence, but it seems like Cayne and Spector had better ways to spend their time. But if Nero fiddled while Rome burned, I guess these guys could play cards while Bear Stearns' shareholders shelled out $1 billion to rescue two collapsed hedge funds.

Jimmy Cayne plays bridge while Bear Stearns (BSC) burns originally appeared on BloggingStocks on Mon, 06 Aug 2007 17:15:00 EST. Please see our terms for use of feeds.

Warren Buffett got married yesterday, and if you're a follower of the Warren Buffett saga (and aren't we all, here in investing land?), you know that Buffett lived separately from his first wife, Susan Thompson Buffett, for decades. She died two years ago. This news prompted the BloggingStocks team to ask: Is Warren Buffett more billionaire, or more regular ol' guy from Omaha? Let's look at the evidence:

1. Diet. Warren Buffett feasts on hamburgers, Omaha steaks, and Cherry Coke. Advantage: regular Omaha guy.
2. Homes. Warren still lives in a home in Omaha he bought for $31,500, although he does have a vacation home in Laguna Beach. Still ... Advantage: regular Omaha guy.
3. Jet set or no jet set? Warren was famous for his modest string of Lincoln Town Cars, but he bought a corporate jet in 1989 ... and then bought a whole jet company. Advantage: billionaire.
4. Friends. Sure, Warren counts Bill Gates, fellow richest man in the world, as a friend. But they're both gigantic nerds and play golf and -- I am not making this up -- bridge rather than high-stakes poker. Advantage: regular Omaha guy.
5. Media saturation. What's this? Warren is working on his very own TV series. I know you're saying, like, ohmigod Sarah! That's so totally billionaire behavior. Ahem. But it's an animated series about investing. Haha! Advantage: regular Omaha guy.
6. Parties. Oh you're very funny. Warren Buffett at a party? As if. Advantage: regular Omaha guy.
7. Women. Warren Buffett just got married, and it's only his second wife, after all. But Astrid Menks used to be a cocktail waitress. What's more, at 60 to Buffett's 76, she's a much younger woman. Advantage: billionaire!

Warren Buffett: billionaire vs. regular Omaha guy originally appeared on BloggingStocks on Thu, 31 Aug 2006 14:07:00 EST. Please see our terms for use of feeds.