James Cayne: “We Ran Into a Hurricane.”

According to the Wall Street Journal that’s what Bear Stearns’ former CEO said during the final meeting as stockholders approved the sale of the company for $1.4 billion to JP Morgan.

To say such a thing would insinuate that what happened to Bear Stearns was out of management’s control. This is the typical BS we hear from management when they do something stupid and things don’t work out. They either point the finger at someone else or blame circumstances. Of course, when things go well, they are happy to accept responsibility.

I only wish Cayne would walk away penniless, which would be justified based on what he allowed to transpire over the last few years of the company. Although I haven’t read anything about Cayne’s severance package (or even if he has one), I seriously doubt that he will walk away with nothing. He already sold $61.3 million worth of Bear Stearns’ stock back in March (5.7 million shares at $10.84 each).

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