Dude, You Got Cayned!

Fri, 28 Mar 2008 21:04:03 +0000

A new word has entered the lexicon, courtesy of Capital Gains and Games, with a little help from the boys at Bear Stearns:

Jimmy Cayne, a one-time travelling salesman who became a paper billionaire last year as chief executive of Bear Stearns, has sold his entire stake in the investment bank for a little more than $61m.

According to a filing with the Securities and Exchange Commission, Mr Cayne sold 5.6m Bear shares for $10.84 each on Tuesday, a day after after JPMorgan Chase agreed to raise its bid for the stricken investment bank fivefold to $10 a share. Mr Cayne’s wife, Patricia, sold 45,669 shares at the same price.

The sale by Mr Cayne, who helped build Bear into a maverick Wall Street powerhouse during four decades at the company, suggests he does not believe JPMorgan will have to raise its $10 a share bid. Shares in the stricken bank fell 5.6 per cent to $10.60 in after-hours trading.

$61 million, plus a legacy in language. Not too bad, I guess.