Bear Stearns Chairman Sells $61.3 Million Of Stock

[FreeStateDemocrat]

Source: Reuters/NY Times

By REUTERS
Published: March 27, 2008
Filed at 6:43 p.m. ET

NEW YORK (Reuters) - James Cayne, Chairman of Bear Stearns Cos Inc <BSC.N> sold $61.3 million of his shares of the company according to a filing on Thursday, signaling the bank's shareholders are unlikely to get a higher price for their shares.

JPMorgan agreed earlier this week to increase its original bid for Bear Stearns, which had faced a run on the bank and was close to collapse.

Some investors were clearly hoping JPMorgan Chase would increase its bid again, or that Bear Stearns would find another buyer, because Bear Stearns shares closed on Thursday at $11.23 on the New York Stock Exchange, about 20 percent above the current value of JPMorgan's offer.

If getting a higher price were likely, Cayne would be unlikely to sell his shares.

Bear's share price fell about 5 percent in after market trading to $10.68. The share sale took place on March 25 but was disclosed in a document after the market closed on Thursday.



Read more: http://www.nytimes.com/reuters/business/business-bearstearns-cayne.html?_r=1&oref=slogin

[Robbien]

1. Other papers have headlines reading he sold stock before bailout

The NYTimes headline is tiptoeing around the main point.

The only man with insider info sold his stock then an offer was put on the table for all other shareholders to receive less than one-fifth that sale value for their stock.

[OwnedByFerrets]

2. The most surprising part of this

is that he didnt sell it 2 weeks ago. He could have feigned ignorance.:rofl:

[darue]

3. sold to WHO? insider trading isn't it? and why is the NYT calling bear a BANK? it wasn't was it?

I did not think they were a bank at all. and how could this be anything but insider trading?

[BRLIB]

4. Anyone who has millions of $$ in stocks I think is a crook!!

They should die in jail!!

Own for a living not work for a living, that's ass backwards.

[zappaman]

5. Welcome to the United Corporate States of America

Honestly, it is never going to get better in this country because it is owned lock, stock, and barrel by corporations. Think Hilary or Obama can change it? Guess again. A revolution by the people is the only way things are gonna change(I'm NOT advocating that, by the way) and the chances of that happening are slim indeed. Depressing to even contemplate that America's best days are truly behind it. Unless of course you're born into the elite...then the party is never-ending!!!

[zbdent]

6. the question is ...

did he ever pay a dime for any of the stock he sold?

[Thothmes]

9. Probably got the stock from stock options at a favorable price

This is often part of the compensation for Senior corporate officers. The value of his stock in the Corporation was over a billion dollars last summer.

[santamargarita]

7. No...he stole $61.3 million from taxpayers!

K&R

[L. Coyote]

8. Guess what. He is a Republican!

http://opensecrets.org/indivs/search.asp?key=8e9t8&txtName=Cayne,%20james&txtState=(all%20states)&txtAll=Y&Order=A

CAYNE, JAMES E., NEW YORK,NY 10178
10/7/2004 - $10,000 - National Republican Senatorial Cmte
1/15/2008 - $2,500 - Republican National Cmte

......

[Ganja Ninja]

11. Wow I would have never guessed that in a million years.

:sarcasm:

[Magleetis]

10. He should

do the right thing and give it to the fed as repayment for the bailout. I'm sure he will.