…that shares of Bear Stearns dropped $3.37 (3.1%), to $104.98 in composite trading on the NYSE at 2:33 this afternoon, dipping as low as $100.08 earlier today, their lowest level since August 2005? Even after James Cayne got on the phone for five minutes on Friday to say (lie, etc) that the company is “solidly profitable” and just today “reassured debt and equity investors that there’s a depth of managerial talent” at the firm just hidden beneath a layer of incompetence that he is excising and, at the same time, using as a scapegoat to cover his own ass? Seriously, how? Doesn’t is just defy logic? It’s almost as though the market *senses* Bear has no idea what it’s doing.