Saturday, April 18, 2009
- From 1993 to 2008, CEO of Bear Stearns -- before it collapsed in 2008, one of Wall Street's Big 5 investment banks!
- World-class bridge player -- and noted pothead!
- As a teenager, disliked school and wanted to be a bookie!
- Hired as a stockbroker by Bear Stearns in 1969 -- when Bear CEO Ace Greenberg met him at a bridge tournament!
- Made Fortune magazine's 2005 list of the 400 richest Americans -- with a net worth estimated at $900 million!
- Estimates of Cayne's wealth reached $1.6 billion in 2007!
- In 1998, while other banks were chipping in billions of dollars to save the global financial system in the wake of the crash of the hedge fund Long-Term Capital Management, refused to chip in Bear Stearns money -- saying, "Let them fail"!
- Under Cayne's watch, Bear Stearns took on massive risk -- vastly increasing leverage, and betting heavily on "toxic" subprime mortgage-backed securities!
- In the month of June 2007, as two Bear hedge funds collapsed after making big-time bets on subprime mortgage markets, spent 10 of 21 workdays out of the office -- golfing and playing bridge!
- Boasted of paying $140 apiece for Cuban cigars -- which he kept in a humidor in his office!
- In 2008, purchased a couple of condo units in Manhattan's luxe Plaza Hotel -- for $27 million!
- On the day Bear agreed to be acquired by JP Morgan, was out of the office -- at a bridge tournament in Detroit!
- In 2008, as Bear was tanking, sold all his stock in the company -- which had been worth as much as a billion dollars a couple of years before -- for $61 million!
- Blamed a "conspiracy" for bringing down Bear -- not the gaping holes in the bank's balance sheet!
- When the Fed refused to come to Bear's aid as the bank collapsed, said of NY Fed chairman Tim Geithner, "This guy thinks he's got a big dick. He's got nothing -- except maybe a boyfriend"!
- Reportedly is now "concerned about his legacy"!
Posted by Joe Six-Pack at 2:15 PM