27 Mar. 2008

Let's Make A Deal

So maybe you heard that JP Morgan was buying out Bear Stearns for a miserly $2 a share. And maybe you heard that the figure was later revised upwards to $6 a share. And maybe you even noticed that it's now up to $9.32 a share. But did you know that Bear Stearns Chairman James Cayne and his wife just sold 5.66 million shares at $10.84 apiece? That's a cool $61.3 million dollars in the bank (some other bank, presumably in Switzerland or the Bahamas... and presumably not in US dollars for long).

Not bad money for a guy who turned the USA's fifth-largest investment bank into a laughing stock. But who's laughing now, eh?