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Jimmy We Hardly Knew Ye

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The people familiar with the matter have spoken once more, which can only mean one thing: another Wall Street chief is headed for the executioners block. The Wall Street Journal's Kate Kelly is reporting that Jimmy Cayne has started notifying to board Bear Stearns that he plans to give up the CEO desk while remaining chairman. Alan Schwartz is expected take over.
More tomorrow morning.

Bear CEO Expected to Step Down But Remain in Chairman Post
[Wall Street Journal]