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Why Does Jimmy Cayne Bother Going Into The Office Anymore

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By far, our favorite part of yesterday's New York Times story on the battle of nitwits at Bear Stearns was the news that chairman Jimmy Cayne was recently required to pay a commission of $77,000 for selling his stake in the bank. The maximum fee charged to Bear Stearns employees is usually $2,500.
Who charged Cayne that fee? Alan "Ace" Greenberg, the fabled trader who ran Bear Stearns before Cayne took over. Greenberg told the Times that Cayne was ineligible for the $2,500 fee cap because, after being forced out of the chief executive's job in the wake of subprime losses, Cayne was no longer an employee.
"I don't understand why he comes in," Greenberg says. "He is not employed here anymore."

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