First he goes from being really bad at golf (for someone who leaves the office every day at noon to play, after coming in late) to just being bad at golf, and now we’ve learned that while there are many Bear shareholders voming over the side of the George Washington Bridge (we’re going out on a limb and assuming that most BS stockholders are from New Jersey), James Cayne isn’t one of them. Why? He doesn’t own that much of the company. Alan Greenberg, Sam Molinaro, Warren Spector, and James Cayne were among the few investors who took (a good amount of) their money and ran, just before the anvil of a stock crashed to $117.78 from $172 on high. Between the four Bear higher-ups (sorry: 3 Bear higher-ups and one guy who’s unemployed, coincidentally, the working title of my forthcoming sitcom on CBS), they cashed out in excess of $57 million in company stock before things got ugly. What the investors saved—nearly $16 million—in well-timed sales, they passed on to a bunch of sad sacks lacking luck, who one hopes didn’t also have their money in the “no value” or “little value” hedge funds.
Oh, and this guy wants him to be fired. So:
Bear Stearns Fat Cats Cashed Out at the Top [thestreet .com]
*RE: that "insider trader" option...we know they were previously scheduled sales. But maybe we're not talking about these sales in particular...think about it.